Cameron and Tyler Winklevoss, founders of U.S based crypto exchange and custody provider, Gemini said they are confident that Bitcoin (BTC) will hit remarkable milestones this decade.
The twins made this known today on the CNBC Squawk interview, saying that BTC will outperform all other financial instruments, including gold, to become the best performing asset of the decade.
“We think it will be the best performing asset of the current decade,” Tyler said.
In the interview, Tyler said that he believes Bitcoin is an upgraded version of gold, calling the digital asset, gold 2.0.
He noted that for Bitcoin to finally overthrow gold to become the most valuable asset in the current decade, the cryptocurrency would need to have more than $9 trillion market capitalization.
If this happens, Tyler said the crypto asset could spike by more than 25x its current value, and Bitcoin will someday worth $500,000 per unit.
On the other hand, Cameron said recent events like the coronavirus (COVID-19) pandemic had been an eye-opener, as people are continually looking for ways to protect themselves from the current economic crisis.
According to Cameron, BTC has the potential of giving investors up to 40 times profit from their entry, while adding:
“I don’t think there’s an asset in the universe that can credibly offer that kind of potential and protect against inflation.”
The Bitcoin Vs. Gold Debate
Since Bitcoin started gaining traction, many financial experts have compared the cryptocurrency to several financial instruments, especially gold.
Some say people should not compare Bitcoin to gold because it has not existed for more than two decades, while others say BTC is not a good store of value due to its high volatility tendency.
Regardless, Bitcoin has continued to remain valuable, outperforming other traditional financial instruments on a year-to-date (YTD) basis, with more firms adopting the asset as a hedge over inflation.
BTC just reached a new all-time high of $19,868 within the hour, before dropping below $19,500.
As long as both assets are in existence, the debate about which is superior over the other will continue to be a topic of discussion until one eventually triumphs.
Meanwhile, Justin Sun, CEO of the Tron Foundation, disclosed that bitcoin would be worth $100,000 by 2025.
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Author: Lele Jima