They said that actual adoption of the asset class „has not even begun“.
The founders of the Gemini crypto currency exchange, Tyler and Cameron Winklevoss, said Bitcoin (BTC) will eventually reach USD 500,000 per currency during a recent interview with podcast host Peter McCormack.
„The question on our minds is not so much whether it will reach $500,000, but how fast,“ Tyler told McCormack during the October 23 podcast episode. His thesis takes into account gold market capitalization and the theoretical allocation of the central bank. „I would say that Bitcoin in USD 500,000 is actually quite conservative and the game hasn’t even started,“ Cameron said.
MicroStrategy and others who buy significant amounts of Bitcoin for their cash reserves seem to indicate that the market is beginning to change. „What if all the Fortune 100 or 500 companies do that, and if the central banks start doing it?“ Cameron asked. „It hasn’t even started,“ he added, making an analogy that Bitcoin is at the bottom of the first in a nine-inning baseball game.
„Wall Street isn’t here yet. The institutions are not in Bitcoin right now. It’s been a retail phenomenon for the last decade. So Wall Street talks about it, they’re aware of Bitcoin, but they’re not really involved from our perspective, but it’s starting to happen.
The basis of the interview was a report by Tyler and Cameron published in August 2020, entitled: The Case for $500K Bitcoin. The brothers began building the report in January 2020, Cameron said in the interview with McCormack.
„We started to think about what the government has been doing with the US dollar over the last decade and the traditional type of value reserves and hedges,“ Cameron explained. The twins stopped work on the report in March when COVID gained prominence worldwide. They resumed the article several months later after assessing the economic changes caused by the virus.
Tyler said he and his brother began buying BTC in 2012. Part of the rationale for the report came from assessing the asset’s performance in the midst of the surrounding economy over the past decade.
While a growing number of bullish predictions have emerged for Bitcoin through 2020, some have remained skeptical, such as gold fanatic Peter Schiff.