The Winklevoss twins, founders of the Gemini exchange and vocal Bitcoin enthusiasts, have given hope to those of us who are holding heavy bags from 2018… they predict that Bitcoin’s market cap will eventually be worth over $7 trillion. They quoted this astounding figure, which represents nearly a 1000% increase on current prices, during an ‘Ask Me Anything’ session on Reddit, where they offered a fairly simple explanation of how they reached it:
A market cap equaling that of gold would make each Bitcoin worth $333,333 per coin, something that those who bought in late 2017/early 2018 would dream of seeing. Bitcoin has often been labeled ‘digital gold’, and to see it surpass the precious metal’s market cap after matching it for price, which it achieved in March 2017, would be an incredible feat. The twins do not give a timeline for this achievement, merely stating that it will happen “over time”, not falling into the trap of setting a date.
Better Than Gold at Being Gold
Cameron and Tyler Winklevoss claim to have bought around 1% of Bitcoin’s total supply, some 100,000, in 2013, so they have a vested interest in talking the price up. They have certainly backed up their words with actions however, having plowed millions into the Gemini brand, including applying for ETFs. Their thesis, which contends that Bitcoin is “better at being gold than gold itself” remains unchanged the twins said, despite the market downturn in 2018. They also added that fiat onramps were “crucial for crypto now”, and stated that regulation and the institutional money that would follow was important for crypto to reach its full potential, stating:
We know we aren’t going to please everyone but the healthiest and most vibrant economies have thoughtful rules to promote positive outcomes. You can’t point to a lawless economy that is thriving.
Impressive Track Record
The Winklevoss’ are clearly as bullish on crypto as they were in 2013 when they started buying Bitcoin at $9 and predicted in a CNBC interview that a “small bull case scenario is a $400 billion market cap”. This represented a 100x increase on the market cap at the time, something that was laughable to many, and yet crypto hit $800 billion in early 2018. Therefore their predictions of a $333,333 Bitcoin should not be taken lightly.
