The Winkevoss twins, most famous for their dispute with current Facebook owner Mark Zuckerburg, are predicting a multi-trillion dollar market evaluation for the Bitcoin cryptocurrency. As the world’s only known Bitcoin billionaires, the twins have a great deal of money on the line. When asked about Bitcoin and its future market cap, Cameron Winkevoss responded, “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 stil.”.
They go onto explained how even when the infamous website ‘Silk Road’ was shut down, this did little to stop the forward march of cryptocurrencies.
“When Silk Road got busted, the price of bitcoin appreciated considerably and transaction volume did not decrease. In fact the number of transactions on blockchain only increased from that point forward. So this idea that bitcoin is powered by dark market or money launderers is simply false.”
Many market speculators have assumed that groups like CBOE, CME, and NASDAQ adopting Bitcoin futures will continues to give legitimacy to Bitcoin. Meanwhile, other Market veterans like CNBC’s ‘Mad Money’ host Jim Cramer, suggest that Bitcoin is “monopoly money”, comparing it to the Dutch tulip bubble in the 1600’s.
With a current market cap of $283,492,532,440 USD, it’s yet to be seen how big of an effect futures will have. While many have doubted Bitcoin’s historic rise to begin with, many are also looking forward to seeing how high Bitcoin will rocket to.