Winklevoss Brothers: $500,000 per Bitcoin Is Only a Matter of Time

The Winklevoss twins, founders of the Gemini cryptocurrency exchange, confirmed their previous forecast, saying that sooner or later Bitcoin will be worth $500,000.

“The question is not whether Bitcoin will be worth $500,000 or not; the question is how quickly this will happen. In fact, even this estimate seems quite conservative — the real game hasn’t even begun,” said Cameron Winklevoss.

They made the same statement earlier this year, expressing confidence that Bitcoin outperforms gold, oil and the U.S. dollar as a store of value and is the only long-term hedge against inflation.

Tyler Winklevoss added that he and his brother began buying cryptocurrency back in 2012. According to him, the basis for the August report The Case for $500K Bitcoin, in which the fundamental reasons for Bitcoin’s likely price surge are listed, partly drew on their own assessment of the asset’s returns in light of the problems the global economy has faced.

The work on the report began in January this year, pausing for some time due to the crisis caused by the novel coronavirus pandemic.

Earlier this week MicroStrategy CEO Michael Saylor stated that his company plans to store bitcoins for the next 100 years. MicroStrategy became the first publicly traded company to invest part of its capital in cryptocurrency (about $250 million).

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