Bitcoin

Bitcoin will be worth as much as 40 times its current value at some point, says Cameron Winklevoss


Bitcoin could be worth 40 times its current value one day, Cameron Winklevoss — one half of the famous twins — told CNBC on Wednesday.

The cryptocurrency had a market capitalization or value of $135 billion on Wednesday, according to CoinDesk data, after the price recovered following a violent sell-off. Forty times this would be over $5 trillion.

Cameron Winklevoss made the call after comparing bitcoin to gold during a CNBC-hosted chat at the Milken Institute’s MENA Summit.

“Taking bitcoin in isolation … we believe bitcoin disrupts gold. We think it’s a better gold if you look at the properties of money. And what makes gold gold? Scarcity. Bitcoin is actually fixed in supply so it’s better than scarce … it’s more portable, its fungible, it’s more durable. Its sort of equals a better gold across the board,” Winklevoss told CNBC.

“So if you look at a $100 billion market cap today, now last week it might have been more like 200, so it’s actually a buying opportunity, we think that there’s a potential appreciation of 30 to 40 times because you look at the gold market today, it’s a $7 trillion market. And so a lot of people are starting to see that, they recognize the store of value properties. So we think regardless of the price moves in the last few weeks, it’s still a very underappreciated asset.”

Even at the lower $100 billion market cap, a 40 times price appreciation would peg bitcoin’s value at $4 trillion. Winklevoss did not give a time period but throughout the interview, mentioned he and his brother Tyler were taking a 10-to-20-year view.



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