During the Singapore Fintech Festival 2020 on December 7, pioneering Bitcoin (BTC) investors Cameron and Tyler Winklevos reaffirmed earlier expectations that Bitcoin’s price would eventually exceed the $ 500,000 per bitcoin price mark.
The twins noted that their forecast of $ 500,000 is based on the assumption that Bitcoin’s market value will grow 40 times in order to outpace the future market value of gold by about $ 9 trillion.
Cameron pointed to “printing massive amounts of cash” in debt and securities systems, as well as concerns about inflation, such as increased demand for “hard assets” such as gold and bitcoin.
Cameron stated that Bitcoin offers significant advantages over gold as a monetary commodity, such as ease of transportation and immunity to outside forces that affect the rate of production.
Despite their optimistic forecasts, Al-Twain noted that the crypto sector is experiencing uneven, strong geographic development, with a lack of regulatory clarity hindering technology development and technology-related services in many emerging economies.
However, they indicated that technology promises to outpace the global non-banking market and indicated a plan to expand the stock market twice to new territories.
The couple suggested that lawmakers use regulatory hedge funds to lower the barriers faced by cryptocurrency startups and warn that burdensome regulatory requirements can stifle innovation. Cameron stated:
“Apple started in an auto repair garage in Silicon Valley, and I think Facebook started housing […] You have to be careful that the overheads are not so great that a lot of people can’t innovate in this room.”
Tyler also dismissed the “provocative rhetoric” of the cryptocurrency community about Bitcoin’s ability to render the legacy sector obsolete, arguing that the growth of the cryptocurrency industry is driven by partnerships with banks:
“If people want to buy bitcoin, then their right to value is usually not in crypto, because crypto is news. So, you need to build a bridge between communications and the new world of crypto, and for this you need banks.
Despite Bitcoin’s huge years of existence, Cameron predicts the sector is “still in its infancy”. Tyler encouraged people to learn bitcoin and said:
“Learn about bitcoins and cryptocurrencies and learn because this is the biggest monetary and technological revolution since the Internet itself. It’s not a fad, it’s here to stay – and it’s changing money, the internet and more in the world around you. This is only the beginning.”