The Winklevoss twins have become major voices in the cryptocurrency market. Over the past several years, the two brothers that played a part in the creation and innovation of Facebook, have taken up the charge for the crypto market. Keeping in tune with their recent comments, the latest prediction from the billionaire brothers focuses on Bitcoin and its growth potential. Speaking to CNBC, Cameron Winklevoss believes that Bitcoin has the potential to reach 30 to 40 times its current value.
The Arrival of “Digital Gold”
The current market cap for Bitcoin stands at approximately $140 billion. During the early weeks of February, the market cap dipped to around $102 billion, but at time of writing, Bitcoin is well on its way to returning to former heights. With the current price of Bitcoin in mind, this would mean that – based upon the Winklevoss twins’ prediction – the future value of the Bitcoin market will eventually eclipse $5 trillion.
Putting in the same air as the gold market – which has a $7 trillion market cap – it represents a pretty bold prediction to say the very least. The brothers also believe that the market for “digital gold” will eventually disrupt the traditional gold market as its overall value increases.
It’s safe to say that the Winklevoss twins aren’t averse to making a massive projection such as this. In fact, they’ve become something of an authority on the subject due to their impressive investment track record. Putting a potential $5 trillion future valuation on the market, the brothers feel that it will take between 10 and 20 years for this to become a reality.
J.P. Morgan’s Lack of Imagination
Bitcoin has become a revolution in the world of currency, but it’s certainly not escaped criticism. The latest name to take aim at Bitcoin is banking institution J.P. Morgan, whose representatives have openly questioned Bitcoin’s relevance and sustainability. Speaking at the Davos-based World Economic Forum (WEF), Tyler Winklevoss had plenty to say about these supposed criticisms, “Cryptocurrencies aren’t really important for human-to-human transactions, but when machines-to-machines trade economic value, they are going to plug into protocols like Bitcoin and Ethereum. They are not going to open bank accounts at J.P. Morgan, those were invented by bankers before the internet existed,” Tyler also accused J.P. Morgan of being short-sighted, “[J.P. Morgan’s] criticisms are just a failure of the imagination.”
Joining the Long List of Luminary Support!
The Winklevoss twins haven’t been afraid to go out on a limb with yet another bold prediction, while they should also be commended for taking J.P. Morgan to task on recent unfounded criticism. It’s a real positive to see such market luminaries come out in support of Bitcoin in recent weeks. As you’ve probably already seen via the BitStarz blog, the likes of Jamie Burke, Tom Lee, and Dave Chapman have all joined the Winklevoss twins in backing Bitcoin’s return to form, with the general belief being that it will breach a $50,000 price or higher before the end of 2018.