While speaking at the Singapore Fintech Festival 2020 on December 7, unconventional Bitcoin investors Cameron and Tyler Winklevoss stressed earlier predictions that Bitcoin’s (BTC) price will ultimately surpass $500,000.
The twins clarified that the aforesaid price target is based on the assumption that Bitcoin’s market cap will rise by 40x to exceed gold’s approximately $9 trillion market cap in the years ahead.
Cameron cited the “tremendous amount of money printing going on” in debt and fiat spheres and worries over inflationary pressure as the reason for rising demand for “hard assets” such as gold and Bitcoin. Cameron states that Bitcoin has considerable pros over gold, which is a commodity with monetary value.
He cited the simplicity in value transfer and lack of impact from external forces affecting the rate of production as the key advantages of Bitcoin over gold.
In spite of the bullish view, the twins pointed out that the crypto industry has seen developments in an uneven manner geographically, with a dearth of regulatory transparency limiting the expansion of business and services encompassing the technology in several budding economies.
Nevertheless, they underlined the technology’s guarantee of providing banking facilities to the unbanked population across the globe, stressing their intention to expand Gemini’s reach into emerging markets.
The pair suggested that legislators use regulatory sandboxes to minimize the hindrances confronted by new firms focused on crypto, cautioning that stringent regulatory needs could hamper technical advancement. Cameron said:
“Apple started in a garage in Silicon Valley, I think Facebook started in a dorm room […] you have to be careful that overhead is not so large that a lot of people can’t innovate in this space.”
Tyler also brushed away the cryptocurrency community’s “provocative rhetoric” with respect to Bitcoin’s ability to make the traditional financial sector obsolete, stressing that the crypto sector’s growth is very much dependent on partnership and support from banks:
“If people want to buy Bitcoin, their value right is usually not in crypto because crypto is new. So you have to build a bridge between bands and this new world of crypto and you need banks to do that.”
In spite of Bitcoin’s exceptional year, Cameron forecasts the industry “is still just beginning.” Tyler advised people to gain knowledge about Bitcoin, stating:
“Pay attention to Bitcoin and crypto and educate yourself, because this is the greatest money and technological revolution since the Internet itself. It’s not a fad, it’s here to stay — and it will transform money, the Internet and so much of the world around you. And it’s just starting.”
