Tyler Winklevoss is said not to be the type to cut out words; He told CNBC that “cash is garbage” in his view, it is only a matter of time before investors dump the dollar and other fiat currencies in exchange for BTC:
“At some point, it’s hard to look at this data and say Bitcoin is not a great store of value.”
His twin brother Cameron Winklevos also said that Bitcoin (BTC) “just needs to be better than gold” for its value to rise to such a significant level.
The twins who run the US cryptocurrency exchange Gemini believe that BTC will eventually reach $ 500,000, reflecting a recent prediction by Katherine Wood, CEO of ARK Investment Management.
Cryptocurrency enthusiasts believe that Bitcoin’s recent growth is different from previous market cycles due to the influx of institutional investors into the space. The sudden rise in the maturity of Bitcoin also indicates that the digital currency is diminishing its enduring position in the financial system.
As Tyler Winklevoss suggested, the Bitcoin adoption curve is accelerating amid fears of a historic downturn in national currencies such as the US dollar. This declining fear was at the core of Goldman Sachs’ June forecast for a rise in gold prices.
Unlike Bitcoin, the price of gold has disappeared in recent months, and now the spot rate is 14% during the highest period in August.
The precious metals market has seen a massive outflow in recent weeks, while bitcoin holders have gained larger positions. Real Vision Group CEO Raoul Ball recently told his Twitter followers that he wanted to liquidate the entire Bitcoin and Ether (ETH) gold wallet.