Bitcoin on $ 500,000: is it just a matter of time?

Cryptocurrency twins and Gemini founders Tyler and Cameron Winklevoss have reaffirmed their bullish stance, stating that Bitcoin will eventually hit $ 500,000.

On a podcast episode featuring Bitcoin, the price tends to drift towards the $ 500,000 mark and it’s only a matter of time before it does:

Tyler: The question on our mind is that it’s not so much about $ 500,000 as it is how fast.

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

Cameron: “I’d argue that $ 500,000 worth of Bitcoin is actually pretty conservative and the game hasn’t really started yet.”

Institutional investments suggest a bullish takeover

Using MicroStrategy as an example for institutional investors (Grayscale is another large cryptocurrency investment firm), Cameron suggested that other publicly traded companies and other investors will take steps to both hedge against the central economy and seek out digital cash. He offered:

What if every Fortune 100 or 500 company does this? What if the central banks start doing this? It hasn’t even started yet. ”

The twins released a report earlier this year called The Case for $ 500,000 Bitcoin. In this regard, the crypto duo listed reasons why Bitcoin is likely to see a surge. Reasons for their optimistic stance are the weak economy, the global shift towards digital money and a cashless society as a result of the pandemic and the rise in institutional investment.

Bitcoin better than gold

Earlier this year, Tyler tweeted that he believes Bitcoin is better gold than gold itself. Using seven metrics (scarcity, storage, shelf life, portability, divisibility, counterfeiting options, and acceptability), he stated:

“[Bitcoin] is better at being gold than gold – and not just gradually, but an order of magnitude or 10 times better. “

The only metric that Tyler says wins gold is adoption. If the twin’s approach to the future of Bitcoin’s adoption comes into question, it appears that Bitcoin will turn off gold on this metric too.

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