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Winklevoss Twins: Bitcoin to surpass gold’s value in the market

After three years, Bitcoin has reached its all-time high once again when its price climbed to a staggering $19,783 last November 24 that shocked the whole world. Despite its sudden dip in March when the pandemic broke out, Bitcoin is back again in the crypto race. If before, a lot of people speculated Bitcoin’s presence, now it’s welcomed by investors and companies who want to try different alternative assets. This is because there are fewer government restrictions surrounding Bitcoins and other digital currencies.

On Monday, twins Tyler and Cameron Winklevoss, founders of a digital asset called Gemini, said that Bitcoin is on its way to reach $500,000 within the next decade and will replace gold’s value.

‘Bitcoin is an emergent store of value that defends against inflation and has the potential to unseat gold,’ Cameron tweeted Monday morning.

‘This means it could appreciate 25x in value from $19K. No other liquid asset in the universe can credibly offer this magnitude of asymmetric payoff in the next decade,’ the twins said in a post on their Twitter account.

‘Our thesis is that Bitcoin is gold 2.0, that it will disrupt gold, and if it does that, it has to have a market cap of 9 trillion, so we think it could price one day at $500,000 of Bitcoin,’ said Tyler.

‘So at $18,000 Bitcoin, it’s a hold, or at least if you don’t have any, it’s a buying opportunity because we think there’s a 25x from here,’ he continued.

According to Chainlink’s co-founder, Sergey Nazarov, Bitcoin can be a good option to balance out the rapidly growing production of fiat currencies.

‘Bitcoin is a natural safe haven for those seeking shelter from rapidly increasing central bank money printing and the inflation that everyone agrees is already increasing’, Nazarov said.

Meanwhile, Christopher Bendiksen, the research head of CoinShares, said that Bitcoin’s surge can be attributed to interest by corporations and different institutions.

‘While circumstantial, price action really started picking up speed when the US woke up this morning, which could reflect buying pressure from retail-oriented platforms such as Square’s CashApp, Robinhood and PayPal,’ he says.

Meanwhile, Changpeng Zhao, CEO of Binance, said that with better liquidity, more and more investors will be attracted to use Bitcoin.

‘With better liquidity and institutional investors getting involved now that there’s more regulatory certainty, it’s heartening for those of us who believe in the long-term power of cryptocurrencies to increase the freedom of money globally’.

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