Gemini chief Tyler Winklevoss called Bitcoin ‘Gold 2.0’ and said that over the next five years the price of the asset will rise to $500,000.
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During a panel discussion at the Bitcoin 2021 conference, Morgan Creek Digital cofounder Anthony Pompliano asked why the Winklevoss twins do not sell their Bitcoins, given the asset’s volatility.
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“We still think it’s too early for that. We regard Bitcoin as Gold 2.0. It supersedes gold, so its market capitalization should be $10 trillion or more, because that is gold’s market capitalization,” replied Tyler Winklevoss.
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According to him, the current price of Bitcoin presents a good long‑term buying opportunity.
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“In our view, when the market cap reaches $10 trillion, one Bitcoin will be worth $500,000. This could happen within a decade, certainly within the next five years. We are prepared to buy as long as the price does not rise at least to $500,000,” he added.
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Winklevoss noted that after the asset hits the coveted milestone, investors won’t even need to sell it — they could take out crypto-backed loans.
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On June 9, El Salvador recognized Bitcoin as an official means of payment in the country. Against this backdrop, the asset’s price rose by 18%, and its market capitalization reached $683 billion, according to CoinGecko.
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At the time of writing, Bitcoin was trading at around $36,564.
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At the end of 2020, dubbed Bitcoin the new gold and predicted its rise to $500,000 with a market capitalization of about $9 trillion.
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The well-known technical analyst and head of Factor LLC Peter Brandt said that believes Bitcoin could rise to $100,000.
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