Bitcoin will soon hit the $500,000k mark a coin according to the Winklevoss Twins. The extremely bullish twins made this prediction during an interview with podcast host Peter McCormack. Cameron Winklevoss said that it is not a matter of whether BTC will reach those highs but how quickly.
“The question in our mind is not so much does it get to $500,000, but how quickly,” Tyler told McCormack during the Oct. 23 podcast episode. His thesis takes the market cap of gold and theoretical central bank allocation into consideration. “I would sort of contend that $500,000 Bitcoin is actually pretty conservative and the game hasn’t even really started.”
Big firms getting on board
He went to highlight that several big name firms like MicroStrategy were already stacking up on Bitcoin, an indicator that the market was begging to see a shift. “What if every Fortune 100 or 500 company does that, what if central banks start doing that? He asked while stating that the BTC game hasn’t even started yet.
“Wall Street is not here yet. Institutions aren’t in Bitcoin right now. It’s been a retail phenomenon for the last decade. So Wall Street talks about it, they’re aware of Bitcoin, but they’re not really in it from our perspective, but it’s starting to happen.”
The basis for the interview was a report from Tyler and Cameron published back in August titled: The Case for $500k Bitcoin. The brothers explained their motivation for writing the report.
“We started to think about what the government has been doing with the U.S. dollar for the past decade or so and traditional sort of stores of value and hedges.”
The twins stopped working on the report in March when COVID became a full global pandemic. They resumed the paper months later after evaluating the economic changes brought on by the virus.
The Winkelvoss prediction is one of many bullish ones made by industry leaders that believe in Blockchain and see it as a real game changer in creating wealth.
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