The Winklevoss twins are probably best known in the cryptocurrency world for their investment in BitInstant, and for owning a hefty amount of Bitcoin.
As the market capitalization of Bitcoin approaches $300 billion, one of the twins—Cameron Winklevoss—spoke to CNBC, saying that he’s confident that this is just the beginning.
“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,” he said.
He also said that he believes that Bitcoin is “a multitrillion-dollar asset” over the long term. He just doesn’t know exactly when it will reach this point.
Winklevoss also dismissed the idea that Bitcoin is a bubble, contradicting financial experts who have gone on the record in the past, sometimes even giving their own predictions of when it will crash.
“We’ve seen the bubble term thrown around and it’s just not the right way to look at this. Social networks grow in value exponentially based on the number of users and participants. The difference between one and 100 is dramatic — 100 and a million is that much more dramatic and exciting. As more people join it gains more value,” he said.
Winklevoss’ words seem to mirror those of Albert Wenger—a partner at Union Square Ventures—when he said in another interview early this month that the run-up that cryptocurrencies as a whole have been experiencing “could turn out to be a blip” in comparison to its real potential growth.
It now appears as if though there is a wave of optimism in investor circles, particularly (and unsurprisingly) in those that are more involved in the cryptocurrency phenomenon.
As we watch people take sides, the rift between them seems to grow. One side says that Bitcoin will be quashed under its own weight soon, while the other says that this is just the beginning of its inevitable rise to further riches.