The founders of the Gemini exchange, Tyler and Cameron Winklevoss, said Bitcoin (BTC) will reach US$500,000 during a recent interview with podcast presenter Peter McCormack.
„The question on our minds is not so much whether it will reach $500,000, but how quickly,“ Tyler told McCormack during the October 23 podcast episode. The thesis takes into account the market capitalization of gold and the theoretical allocation of the central bank. „I would say that Bitcoin at US$500,000 is actually very conservative and the game hasn’t even started yet,“ Cameron noted.
With MicroStrategy and other companies buying significant amounts of Bitcoins for their reserves, this seems to indicate that the market is beginning to change. „What if all the Fortune 100 or 500 companies do that, and the central banks start doing that? Cameron asked. „It hasn’t even started yet,“ he added, making an analogy with the fact that Bitcoin is at the bottom of the first in a nine-ball game.
„Wall Street is not here yet. The institutions are not in Bitcoin now. It’s a retail phenomenon in the last decade. So Wall Street talks about it, they’re aware of Bitcoin, but they’re not really in our perspective, but it’s starting to happen“.
The basis of the interview was a study by Tyler and Cameron published in August 2020, entitled: „The Case for Bitcoin at $500K“. The
brothers began writing the report in January 2020, Cameron said in an interview with McCormack.
„We started thinking about what the government has done with the US dollar in the last decade or so and the traditional types of value reserves and hedges,“ Cameron explained. The twins stopped working on the report in March, when COVID gained a global position. 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 justification for the report was an assessment of the asset’s performance in the surrounding economy over the past decade.
Although a growing number of optimistic forecasts for Bitcoin emerged over 2020, some remained skeptical, such as the Peter Schiff gold bug.