TL;DR Breakdown
- Winklevoss twins wealth hikes by $500 million after crypto surge
- Cameron, Tyler Bitcoin price prediction
The Winklevoss twins, Tyler and Cameron, have seen a spike in their wealth after Bitcoin hit another all-time high price on Monday. The Bitcoin enthusiasts who have only good stories to tell about Bitcoin got richer after Elon Musk’s firm, Tesla, invested several million in Bitcoin and said it would soon accept crypto payment.
Although they have never spoken about the amount of money they initially invested in Bitcoin, the Winklevoss twins, a publication by the New York Times in 2013, suggested that the Gemini exchange founders had $11 million worth of the currency initially. The price of Bitcoin then was $141 per coin. It’s now up over 30,472 percent at its new all-time high of $45,605.52. It means the twins now own $3.3 billion, which is just an estimate. It could be more.
Previously, when the twins’ wealth was estimated, they were worth just $2.8 billion, a $500 million increase now.
Winklevoss twins owe Elon Musk some gratitude
The twins are said to be indebted to Elon Musk for the boost in their wealth. It was after Tesla’s $1.5 billion investment in crypto, according to a filing by the SEC.
One of the twins, Cameron, who tweeted about Elon, said, “If you are a company CEO and thinking about adding Bitcoin to your balance sheet, you still have the opportunity to be an early adopter,” he wrote. “But not for long.”
If the twins’ prediction is right, they’ll be thanking CEOs for a long-time to come.
Winklevoss twins Bitcoin price prediction
Previously, the twins predicted that Bitcoin would flip gold’s market capitalization. In their price prediction, they said the crypto would soon have a price of $500,000 or more per BTC.
Tyler noted quantitative easing or money printing going on across the world to stimulate economies. This activity, when done irresponsibly, could lead to inflation. In contrast, Bitcoin, like gold, has a scarce supply. Bitcoin is slightly ahead of gold in terms of scarcity because the dominant cryptocurrency only has a supply of 21 million. With that, Cameron said Bitcoin is better than gold because the former can be transported easily, and no external factors (such as gold miners suddenly mining more or new gold deposits discovered) can influence its price.
