Bitcoin could be worth 40 times its current value one day, Cameron Winklevoss — one half of the famous twins — told CNBC on Wednesday.
The cryptocurrency had a market capitalization or value of $135 billion on Wednesday, according to CoinDesk data, after the cost recovered following a violent sell-off. Forty times This kind of might be over $5 trillion.
Cameron Winklevoss made the call after comparing bitcoin to gold during a CNBC-hosted chat at the Milken Institute’s MENA Summit.
“Taking bitcoin in isolation … we believe bitcoin disrupts gold. We think the item’s a better gold if you look at the properties of money. as well as also what makes gold gold? Scarcity. Bitcoin can be actually fixed in supply so the item’s better than scarce … the item’s more portable, its fungible, the item’s more durable. Its sort of equals a better gold across the board,” Winklevoss told CNBC.
“So if you look at a $100 billion market cap today, at This kind of point last week the item might have been more like 0, so the item’s actually a buying opportunity, we think in which there’s a potential appreciation of 30 to 40 times because you look at the gold market today, the item’s a $7 trillion market. as well as also so a lot of people are starting to see in which, they recognize the store of value properties. So we think regardless of the cost moves inside last few weeks, the item’s still a very underappreciated asset.”
Even at the lower $100 billion market cap, a 40 times cost appreciation might peg bitcoin’s value at $4 trillion. Winklevoss did not give a time period nevertheless throughout the interview, mentioned he as well as also his brother Tyler were taking a 10-to-20-year view.