The Winklevoss twins asked participants at the Singapore Fintech Festival to educate themselves about Bitcoin, predicting that BTC’s market capitalisation will exceed that of gold.
Bitcoin market capitalisation will outstrip gold, according to WinklevossBLOCKSHOW twins
Speaking during the Singapore Fintech Festival 2020 on December 7th, pioneering Bitcoin investors Cameron and Tyler Winklevoss reaffirmed earlier predictions that the price of Bitcoin will end at $500,000 per Bitcoin.
The twins said their $500,000 forecast is based on the assumption that Bitcoin’s market capitalisation will increase 40-fold in the future, exceeding the market capitalisation of approximately $9 trillion of gold .
Cameron pointed to the „tremendous amount of money printing that is happening“ in debt and trust regimes, and inflation concerns such as increased demand for „tangible assets“ like gold and Bitcoin.
Cameron says Bitcoin offers significant advantages over gold as a monetary commodity, such as its ease of transfer and immunity from external forces that influence the rate of its production.
Despite their optimistic outlook, the twins noted that the cryptomino sector has experienced a totally uneven geographical advance, with a lack of regulatory clarity impeding the growth of business and services around technology in many emerging economies.
However, they saw the promise of technology to keep the world without a bank, looking at a plan to expand the Gemini exchange in emerging regions.
They argued for legislators to use regulatory sandboxes to reduce the barriers faced by startups working with cryptomorphs, warning that heavy regulatory requirements can stifle innovation. Cameron said:
„Apple started in a garage in Silicon Valley, I think Facebook started in a dormitory […] you have to be careful that the burden is not so great that many people can’t innovate in this space. ”
Tyler also rejected the „provocative rhetoric“ of the cryptomaniac community about Bitcoin’s potential to make the legacy sector obsolete, saying that the growth of the cryptomaniac industry depends on collaboration with banks:
„If people want to buy Bitcoin, its correct value is generally not in the cryptomaps, because cryptomaps are new. So you have to build a bridge between the world and this new crypt world and you need banks to do that. ”
Despite the tremendous year of Bitcoin, Cameron predicts that the sector „is just beginning“. Tyler encouraged people to educate themselves about Bitcoin, saying:
„Pay attention to Bitcoin and crypto and educate yourself, because this is the biggest financial and technological revolution since the Internet itself. It’s not a passing fad, it’s here to stay – and it will transform money, the Internet and much of the world around it. And it’s just beginning. ”
Translated with www.DeepL.com/Translator (free version)