The founders of the Gemini cryptocurrency exchange, Tyler and Cameron Winklevoss, announced that Bitcoin (BTC) will eventually hit $ 500,000 per coin during a recent interview with podcast host Peter McCormack.

“We are not thinking about whether we will reach $ 500,000, but how fast,” Tyler McCormack said during the podcast episode on October 23. His thesis takes into account the market value of gold and the theoretical allocation of central bank resources. Cameron commented: “I would like to emphasize that $ 500,000 bitcoin is actually very conservative and that the game has not started yet.”

MicroStrategy and other companies that buy large amounts of bitcoins as Treasury reserves seem to indicate that the market is starting to turn around. “What if all Fortune companies made 100 or 500, what if central banks started doing that?” Cameron asked. “It did not even start,” he added, noting that Bitcoin was at the bottom of the first nine-game baseball game.

“Wall Street has not arrived yet. Institutions do not currently use Bitcoin. This has been a retail phenomenon for the past decade. Wall Street talked about it. They are familiar with Bitcoin, but they are not really in our view, but this is starting to happen. ”
The interview is based on a report from Tyler and Cameron, published in August 2020, entitled: The 500K Bitcoin Case. Cameron said in an interview with McCormack that the brothers began preparing the report in January 2020.

“We are beginning to think about what the government has done with the US dollar over the last decade or so, and what these traditional values ​​and hedges are,” Cameron explained. The twins stopped working on the report in March when COVID spread globally. They re-launched the newspaper a few months after assessing the economic changes caused by the virus.

Tyler said he and his brother started buying bitcoins in 2012. Part of the reason for the report concerns an assessment of asset development in the surrounding economy over the past decade.

While there were more and more bullish expectations for Bitcoin through 2020, some remained skeptical, such as Peter Schiff’s mistake with gold.

Source: CoinTelegraph