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Bitcoin to $500,000: Is It Just a Matter of Time?

The Winklevoss twins recommitted their bullish stance on Bitcoin price tending towards a $500,000 USD price tag.

Cryptocurrency twins and the founder of Gemini Tyler and Cameron Winklevoss have reconfirmed their bullish stance, saying that Bitcoin will hit $500,000 USD eventually.

In a podcast episode with Peter McCormack, Tyler commented that it’s inevitable that Bitcoin price will tend towards the $500,000 USD mark, and it’s just a matter of time before it does:

Tyler: “The question in our mind is not so much does it get to $500,000, but how quickly.”

His twin added to this that the healthy prediction is actually conservative and that the token will likely be worth more than their bullish estimation.

Cameron: “I would sort of contend that $500,000 USD Bitcoin is actually pretty conservative and the game hasn’t even really started.”

Institutional investment points towards bullish adoption

Using MicroStrategy as an example of institutional investors (Grayscale being another major cryptocurrency investment firm), Cameron suggested that other listed firms and other investors are going to jump in on the action to both hedge against the central economy as well as look to digital means for cash. He offered:

What if every Fortune 100 or 500 company does that, what if central banks start doing that? It hasn’t even started.” 

The twins released a report earlier this year entitled The Case for $500K Bitcoin. In this, the crypto duo listed reasons why Bitcoin is likely going to see a sharp incline. Reasons for their bullish stance include the struggling economy, the global shift towards digital money and a cash-free society as a result of the pandemic and the uptick in institutional investment.

Bitcoin better than gold

Earlier this year, Tyler tweeted that he believes that Bitcoin is better gold than gold itself. With seven metrics (scarcity, storage, durability, portability, divisibility, counterfeit opportunities and adoption) explaining, he stated:

[Bitcoin] is better at being gold than gold — and not just incrementally, but by an order of magnitude or 10X better.

The only metric gold wins out on, according to Tyler, is adoption. If the twin’s approach to the future of Bitcoin adoption is anything to go by, it seems that Bitcoin will knock gold out on this metric too.

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Posted: Oct 30, 2020 Author: Becky Categories: Coin News