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Cameron (left) and Tyler (right) Winklevoss.
Adam Jeffery | CNBC
Early bitcoin investors and founders of the Gemini cryptocurrency, Tyler and Cameron Winklevoss are seeing bitcoin gain more than 25 times its current value as more investors embrace cryptocurrency as a hedge against inflation.
“We believe this will be the best performing asset of the current decade,” Tyler Winklevoss said in an interview with Seema Mody on CNBC’s “Squawk Box” Monday.
“Our thesis is that Bitcoin is gold 2.0 and it will disrupt gold. If it does, it must have a market cap of $ 9 trillion. So we think bitcoin might cost one day. $ 500,000 per bitcoin. So at $ 18,000 bitcoin it’s a hold or if you don’t have one it’s a buy opportunity because we think there’s a 25x from here Tyler explained.
The twins made similar comments to CNBC last year about the cryptocurrency.
The price of Bitcoin rose 5% on Monday to exceed $ 19,000 as investors continue to accumulate in the cryptocurrency in 2020. The price of Bitcoin was trading around $ 19,022, according to data from the site industrial CoinDesk. The cryptocurrency first climbed near the $ 20,000 mark in December 2017. It collapsed soon after and had not regained the $ 18,000 level until recent weeks.
Assets are up over 160% this year with interest from well-known investors such as Paul Tudor Jones and Stanley Druckenmiller. Fintech giants Square and PayPal have lowered the barrier to entry into the asset.
“I think a lot of investors come in and find out that inflation, there’s a specter of inflation out there and how do you protect yourself against that? I think there’s not a lot of debate about all the debt that has grown in the United States, the printing of money, so how do you defend against that? ”Cameron Winklevoss added. “I think a lot of people are starting to realize that bitcoin is really the best defense and offers the opportunity for an asymmetric return of something like 25 to 40x from here. I don’t think there is. an asset in the universe that can credibly offer that kind of potential and protect against inflation. “
The Winklevoss twins said gold has historically been the classic hedge, but bitcoin is evolving as 2.0 gold.
“It doesn’t really have to be a great medium of exchange, it just needs to be better than gold and it’s better across the board. So Bitcoin, the supply is set at 21 million. Gold is scarce. Bitcoin’s software, it can be. Sent over the Internet, like email, gold is material and it is difficult to transport, “said Cameron Winklevoss.
The total number of bitcoins that will ever be produced is capped at 21 million. The digital asset underwent a key technical event in the spring known as the ‘halving’, which saw the amount of bitcoins awarded to so-called ‘miners’ who add Bitcoin transactions to its public ledger be reduced. A half.
The Winklevoss twins aren’t concerned about regulatory headwinds for the digital asset.
“In 2013, there was a question of whether bitcoin was going to be banned. We have largely exceeded it. We believe in sound and thoughtful regulation. We do not see that this does not continue. We believe bitcoin is here to stay, we believe that thoughtful regulation of it in the United States and other sophisticated jurisdictions is also here to stay, ”said Tyler Winklevoss.
“Bitcoin remains the best performing asset of the year, even relative to stocks,” he added.
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