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Winklevoss Twins predict Bitcoin price to hit $500K

  • Winklevoss twins go extra bullish on Bitcoin
  • Bitcoin a better investment than gold

The Winklevoss twins, Tyler and Cameron, have again gone extra bullish on Bitcoin following the crypto surge to over $19,000.

In their recent prediction on CNBC, the tech moguls said. Bitcoin price is going all the way to $500,000 before the end of this decade. They said it would be the best performing asset of the current decade.

Tyler Winklevoss described Bitcoin as an upgraded version of gold, stating that it will disrupt gold. He called Bitcoin gold 2.0.

In his analysis, Cameron Winklevoss stated that events like the COVID-19 pandemic has exposed people as they seek ways to shield themselves from the economic crisis the world has plunged into.

He said Bitcoin potentially could give investors 40 times more profit from their initial investment. Only Bitcoin can offer such credibility against inflation, he said.

Bitcoin primed to hit $20k

Bitcoin price on Monday along increased by 5 percent to hit $19,000. It has attracted so many investors this year owing to its consistent bull run.

The last time Bitcoin hit $20,000 was in 2017. It collapsed after and since then only revisited $18,000 a few weeks back. However, Bitcoin has experienced tough times this year and showed resilience. The number one crypto by market capitalization dropped below $4000 in March but has risen by over 160 percent.

Big investors like Paul Tudor Jones, Stanley Druckenmiller, and firms like MicroStrategy, Square also invested in the crypt this year.

Analysts continue to await when the crypto would hit $20,000. However, the Winklevoss twins have looked beyond $20,000, predicting as much as $500,000.

What Bitcoin only needs to outperform gold – Winklevoss Twins

After the Winklevoss Twins established that Bitcoin is gold 2.0, Cameron stated that the crypto-only has to rise to a market capitalization of $9 trillion to disrupt gold. This fueled their speculation that the crypto would hit $500,000.

Several financial experts have compared Bitcoin to many other financial instruments, especially gold.

Some experts say the crypto should not be compared to gold because it has not existed for over 20 years. Others state that it is not a good store of wealth because of its high volatility.

One thing, however, is that Bitcoin has remained valuable and outperforms other traditional financial instruments. Firms are now using crypto as a hedge over inflation.

This post was last modified on January 17, 2021 1:41 pm

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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