Cameron and Tyler Winklevoss were recently interviewed about their view that Bitcoin can reach $500,000.
The twins claim that the question is not whether the coin can, but when it will happen.
They believe that the BTC price will skyrocket once Wall Street and the Federal Reserve Bank start to buy it in earnest.
The price of Bitcoin (BTC) has recently soared after PayPal announced that it will introduce the purchase, sale and storage of crypto within its own platform. However, while BTC has finally managed to break out of the price hover in which it had been stuck for weeks and climb to just under $13,000, the founders of Gemini, the Winklevoss twins, believe that this is just a start for the world’s largest crypto.
Winklevoss twins still convinced of $500k Bitcoin
According to Cameron and Tyler Winklevoss, the price of Bitcoin will eventually rise so high that it will reach $500,000 per coin. They shared this prediction with Peter McCormack during a recent interview with the podcast host.
Tyler Winklevoss noted that the question is not whether BTC can reach $500,000, but when this will happen. He explained that his thesis includes the market capitalization of gold and the theoretical allocation of central banks in the calculations.
Meanwhile, his brother Cameron added that Bitcoin’s target of $500,000 is actually a rather conservative forecast. The game, as he called it, has not even begun.
Wall Street is still not in Bitcoin, but it is on its way there
As most people probably know, there was a large increase in interest in the BTC in 2020, which came from institutional investors. Even before the coronavirus pandemic, custodian banks such as Microstrategy and Grayscale were buying massive amounts of BTC for their customers. The Winklevoss twins take this as a sign that the market shift has already begun.
Cameron asked: “What if every Fortune 100 or Fortune 500 company does this, what if the central banks start doing it? He believes that this will indeed happen, and very soon.
Most institutions are not in Bitcoin right now, he added. Wall Street is talking about it because BTC has managed to survive and continue to grow for over a decade, but it’s not there yet. Nevertheless, they are slowly beginning to enter the crypto industry.
The twins have been toying with the idea for a long time, and they have even written a report entitled “The Case for $500k Bitcoin”, which was published just a few months ago, in August 2020. This particular report was also a basis for the interview.