The twin likened Bitcoin to “gold 2.0” while presenting at the conference. They believe the cryptocurrency will dethrone gold by outperforming the golden metal in terms of market capitalization. Tyler stated that BTC must reach a value of $10 trillion or more, which is the actual market value of gold.
Tyler, who is also the CEO of the Gemini exchange, went on to say:
“At a market valuation of ten trillion dollars, we believe each Bitcoin will be valued 500,000 dollars within this decade—certainly sometime in the next five years. As a result, we’ll be hodlers until we reach at least $500,000. You won’t even have to trade at that time; you can just borrow from it or whatever.”
The Winklevoss twins, who possess upwards of $1 billion in Bitcoin, are among the most well-known figures in the crypto world. The twins are well-known Bitcoin advocates, believing that Bitcoin should really be valued higher than gold. The twins discussed their “Gold 2.0” paper, which they published in August 2020, during the 2021 Bitcoin conference.
Cameron claims that the document is not yet done. When they issued the research last year, the market price of Bitcoin was roughly $13,000, he said. In April, Bitcoin reached a high of $64,000, according to Cameron. Cameron also had something to say about the gold 2.0 paper. According to him, the report underlines how Bitcoin destabilizes gold, which is a traditional asset.
The Winklevoss twins had forecast that Bitcoin would reach $500,000 before today. Last year, Tyler predicted that the Bitcoin would continue to rise provided market circumstances remained favorable. Tyler said at the moment that international currency inflation is a sign that Bitcoin will surpass the $500,000 barrier.
To counteract the effects of the coronavirus on the business, the US government raised the pace at which the dollar was printed. Because of its limited quantity, Tyler believes Bitcoin will continue to rise. He argues that in the height of the epidemic, BTC increased in value as investors’ feared inflation. During the Bitcoin conference, Tyler also referred to BTC as a hedge against inflation.
He went on to say:
“It is the most difficult and durable currency… So, to those who label Bitcoin a scam and claim, “I’m not a genuine technician, I do not really understand “People,” I respond, “I’m not a true technician, I don’t understand “People.” They watched what occurred in the fiat money system, the dollar, the greatest garbage coin (I don’t understand ‘People’). Bitcoin’s advertising budget is in the billions of dollars. The Federal Reserve is the most vocal supporter.”