Winklevoss investor twin predicts multitrillion-dollar value for bitcoin
Bitcoin investor Cameron Winklevoss disputes claims that bitcoin is in a bubble, and said it was justified for someone to use the token without understanding the underlying technology
By Seema Mody and Everett Rosenfeld
Bitcoin investor Cameron Winklevoss — one half of the twins reported to have just become the world’s first bitcoin billionaires — says the skyrocketing cryptocurrency is primed to head higher.
Winklevoss and his brother Tyler famously settled with Facebook founder Mark Zuckerberg in 2008 over the claim that he stole the idea for the social network. But it’s what the brothers have done in the cryptocurrency realm that has been making headlines of late — and they don’t think it’s run its course.
“We’ve always felt that bitcoin, given its properties, is gold 2.0 — it disrupts gold. Gold is scarce, bitcoin is actually fixed. Bitcoin is way more portable and way more divisible. At a $300 billion market cap, it’s certainly seen a lot of price appreciation, but gold is at $6 trillion and if bitcoin disrupting gold is true and it plays out ... then you can see 10 to 20 times appreciation because there is a significant delta still,” Cameron Winklevoss told CNBC.
“Long term, directionally, it is a multitrillion-dollar asset — I don’t know how long it takes to get there,” he added.
While the bitcoin investor predicted success ahead, many financial luminaries have told CNBC they believe the cryptocurrency is a bubble of historical proportions. But Winklevoss, for his part, disputed that characterization.