Cryptocurrency founders Tyler and Cameron Winklevoss said Bitcoin (BTC) will eventually reach $ 500,000 in a recent interview with podcast host Peter McCormack.
“The question on our minds is not how to get to $ 500,000, but at what speed,” said Tyler McCormack during a podcast episode on October 23. His thesis takes into account the market value of gold and the theoretical distribution of the central bank. Cameron said, “I would say that the $ 500,000 bitcoin is actually very conservative and the game hasn’t started yet.”
MicroStrategy and others, which are buying large amounts of Bitcoin for their own reserves, seem to indicate that the market is beginning to change. “What if every Fortune company did 100 or 500, what if central banks began to do so?” Cameron asked. “It hasn’t even started yet,” he added, comparing Bitcoin to the nine-game lead in baseball.
“Wall Street has not arrived yet. Institutions are not using Bitcoin at the moment. This has been a retail phenomenon for the past decade. So Wall Street talks about it, they know about Bitcoin, but they don’t really like it from our point of view, but it is happening.”
The interview was based on a report by Tyler and Cameron, published in August 2020, titled: A $ 500K Bitcoin Case. Cameron said in an interview with McCormack that the brothers began compiling the report in January 2020.
“We started to think about what the government has done with the US dollar over the past decade or so, and about conventional securities and hedge stores,” Cameron said. The twins stopped working on the report in March when COVID spread globally. The newspaper has resumed after several months of assessing the economic changes caused by the virus.
Tyler said he and his brother started buying Bitcoin in 2012. Part of the report’s rationale concerns assessing the performance of assets in the surrounding economy over the past decade.
While there are more and more optimistic outlooks for Bitcoin throughout 2020, some are still skeptical, like Peter Schiff.