Someday, Bitcoin will be worth 40 times more than its current price says Cameron Winklevoss

Cameron Winklevoss compared bitcoin to gold during a CNBC-hosted chat at Milken Institute’s MENA Summit.

He expressed that while taking bitcoin in isolation, he believes that bitcoin will disrupt gold. He mentioned that it is a better gold if we look at the properties of money. And asked what makes the gold? Scarcity? Bitcoin is actually fixed in supply so it’s better than limited. It is also more portable, it is exchangeable, it’s more durable. Its sort of equals a better gold across the board.

Winklevoss said:

“If you look at a $100 billion market cap today, now last week it might have been more like 200, so it’s actually a buying opportunity, we think that there is s a potential appreciation of 30 to 40 times because you look at the gold market today, it’s a $7 trillion market. And so a lot of people are starting to see that, they recognize the store of value properties. So we think regardless of the price moves in the last few weeks, it’s still a very underappreciated asset.”

Even though if it is at the lower $100 billion market capitalization, a 40 times price appreciation will definitely grow the value into $4 trillion. Because, as of now, bitcoin’s market capitalization is worth $135 billion according to Coin Delite’s Price Chart. If it grows to 40 times bigger, the value would be more than $5 trillion. Winklevoss did not mention a time period but throughout the interview, he mentioned he and his brother Tyler were taking a 10-to-20-year view.

Failure Imagination

Bitcoin is now going towards the wild ride with price drops and it is also scaring the investors to invest in the market. Including its price drop, it has so many many regretting and calling it as a bubble, disaster, Ponzi schemes. Recently, J.P. Morgan CEO Jamie Dimon called bitcoin a “fraud“, Warren Buffett said cryptocurrencies would “come to a bad ending.”

Tyler Winklevoss told: