Gemini Crypto Exchange founders Tyler and Cameron Winklevoss said Bitcoin (BTC) will hit $ 500,000 a coin in a recent interview with podcast host Peter McCormack.
“The question on our mind is that it’s not so much about $ 500,000 as it is how fast,” said Tyler McCormack during the October 23 podcast episode. His dissertation takes into account the market capitalization of gold and the theoretical central bank allocation. “I would argue that $ 500,000 Bitcoin is actually pretty conservative and the game hasn’t even really started,” noted Cameron.
MicroStrategy and others who are buying significant amounts of Bitcoin for their treasury reserves seem to indicate that the market is gradually shifting. “What if every Fortune 100 or 500 company does this? What if the central banks start?” Asked Cameron. “It hasn’t even started,” he added, analogizing that Bitcoin is at the bottom of first place in a nine innings baseball game.
“Wall Street isn’t here yet. Institutions are not currently in Bitcoin. It’s been a retail phenomenon for a decade. Wall Street is talking about it, they know Bitcoin but from our point of view they are not really in it but it is starting to happen. “
The basis for the interview was a report published in August 2020 by Tyler and Cameron with the title: The case for $ 500K Bitcoin. The brothers started preparing the report in January 2020, Cameron said in an interview with McCormack.
“We thought about what the government has been doing with the US dollar and traditional stores of value and hedging over the past decade,” said Cameron. The twins stopped working on the report in March when COVID took hold worldwide. They resumed the paper a few months later after assessing the economic changes brought about by the virus.
Tyler said he and his brother started buying BTC in 2012. Part of the rationale for the report was based on an assessment of the asset’s performance in the surrounding economy over the past decade.
While more and more optimistic forecasts for Bitcoin emerged in the course of 2020, some remained skeptical, such as the gold bug Peter Schiff.