What's going on: The Winklevoss twins, who gained worldwide popularity for winning a multimillion dollar lawsuit against Facebook, are not only good at suing Mark Zuckerberg. They are also early adopters, firm believers and belong to the biggest investors (and holders) in Bitcoin. The brothers said in 2013 that they owned almost $11 million worth of Bitcoins. If they still have them, they would be valued at more than $1.7 billion today.
Cameron Winklevoss, one of the twins, talked to Bloomberg about what he thinks is next for the most popular cryptocurrency. And he thinks we are witnessing just the start of something much bigger: He predicts Bitcoin rising as much as 20-fold as investors come to realize that it is Gold 2.0. These price projection are based on the market value of gold, which Winklevoss pegged at about $6 trillion and others calculate at closer to $7.5 trillion.
Why should I care: Investors are beginning to embrace the idea that bitcoin has many advantages compared to gold: It is for example more portable and divisible. “We think that bitcoin is a gold disruptor,” Winklevoss said in the interview with Bloomberg. “We think it’s just the beginning. We are definitely holders.” Winklevoss also thinks that the launch of futures contracts, that make betting against rising prices of Bitcoin easier and more attractive, poses no threat to the cryptocurrency.
We will see how futures contracts will affect Bitcoin, the first one launched just yesterday on the CME (Chicago Merkantile Exchange). You can read up on my thoughts on how Bitcoin futures could affect the price of bitcoin that I wrote a couple of days ago.
Source: bloomberg.com, steem.it
GIF: giphy.com
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