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Popular players in the crypto-verse and founder of the cryptocurrency exchange Gemini, Tyler and Cameron Winklevoss, see the flagship cryptocurrency gain 25 times its current value on the distortion that cryptocurrency traders and global investors adopt Bitcoin as a hedge against it. inflation.
What you need to know: In an interview with Seema Mody on CNBC’s “Squawk Box” on Monday, the twins reiterated why the odds appear to be in favor of bitcoin outperforming incredibly well by saying, “We believe it will be the best performing asset of the current decade. “
“Our thesis is that Bitcoin is gold 2.0 and will stop gold. If it does, it must have a market cap of $ 9 trillion. So we think that bitcoin could cost $ 500,000 a day one day. So $ 18,000 bitcoin. , is it a hold or if you don’t have one it’s a buying opportunity because we think there is a 25x from here “, Tyler explained.
At the time of writing, Bitcoin was trading at $ 19,578.59 with a 24-hour trading volume of $ 29,638,751,000. The price of BTC has risen by 8.0% in the past 24 hours.
Cameron Winklevoss also spoke of the prevailing quantitative easing by global central banks, keeping fiat currencies undervalued, as with Bitcoin having limited supply.
“I think a lot of investors are coming in and realizing that there is a specter of inflation out there and how do you protect yourself from that? I think there isn’t much debate about all the debt that has risen in the US, the printing of money, so how do you defend against that? ” Cameron Winklevoss added. “I think a lot of people are starting to realize that bitcoin is indeed the best defense and offers the opportunity for an asymmetrical return of something like 25 to 40x from here. I don’t think there is an asset in the universe that can offer in credible way that kind of potential and protect against inflation. “
Data retrieved from a well-known cryptocurrency firm, Blockchain, showed that $ 0.06 Bitcoin in September 2010 exploded to its current price of around $ 13,000, representing an increase of more than 26,600,000% over a span of 10. years.
The same cannot be said of its closest competitors, the yellow metal and the S&P 500, which rose 103% and 233% respectively in the same stretch.
Bottom line: Flagship crypto seems to heat up on many prevailing macros, not forgetting that the general economic law states that when demand is high and supply is limited, the prices of such products will usually go up.
