Winklevoss cufflinks: Bitcoin’s market cap will surpass that of gold
Cameron and Tyler Winklevoss predict that Bitcoin’s market cap will increase by a factor of 40, surpassing the gold market cap.
During their speech at the Singapore Fintech Festival 2020 on 7 December, the well-known Bitcoin (BTC) investors Cameron and Tyler Winklevoss reiterated their earlier predictions that the cryptocurrency price will eventually exceed $500,000.
The twins pointed out that their $500,000 forecast is based Profit Secret on the assumption that in the future Bitcoin market cap will rise 40 times over the $9 trillion gold market cap.
Cameron pointed to the „shocking scale of currency printing underway“ under debt and fiat currency regimes, as well as concerns about inflation as a factor increasing demand for „hard assets“ such as gold and Bitcoin.
According to Cameron, Bitcoin offers significant advantages over gold as a monetary commodity, including its ease of transfer and immunity to the influence of external forces on its issuance rate.
Despite the bullish view, the twins recalled that the crypto sector has seen markedly uneven geographical progress, with a lack of regulatory clarity hampering the growth of technology-related activities and services in many emerging economies.
Gemini exchange in emerging regions
However, they underlined the promise of technology in providing banking services to those in the world who cannot access them, unveiling a plan to expand their Gemini exchange in emerging regions.
Gemini called on regulators to use a regulatory sandbox to reduce the barriers faced by startups in the crypto landscape, warning that overly strict regulatory requirements could stifle innovation. Cameron said:
„Apple was born in a garage in Silicon Valley, I think Facebook started in a dormitory. We need to be careful that the regulatory burden is not so heavy that many people are unable to innovate in this field“.
In addition, Tyler criticized the crypto community’s „provocative rhetoric“ about Bitcoin’s potential to make the traditional sector obsolete, arguing that the growth of the crypto ecosystem will depend on collaboration with banks:
„If people want to buy Bitcoin, the value is usually not expressed in crypto, being a new asset. It is therefore necessary to build a bridge between the banks and this new world, and the banks are needed to do this“.
Despite Bitcoin’s formidable year, Cameron argues that the sector „is still only just beginning“. Tyler urged participants to look into Bitcoin, commenting:
„Pay attention to Bitcoin and the crypto, get informed. Because this is the biggest monetary and technological revolution since the invention of the internet. It is not a fad, it is here to stay and it will transform money, the internet and much of the world around you. And this is only the beginning.“