During a recent interview with podcast host Peter McCormack, Gemini crypto exchange founders Tyler and Cameron Winklevoss said that Bitcoin ( BTC) would eventually reach $500,000 per coin.
Tyler told McCormack during the Oct. 23 podcast show, "The problem in our view is not that much it gets to $500,000, but how quickly." His work takes into account the gold market cap and theoretical allocation of central banks. "I'd kind of say that Bitcoin's $500,000 is really pretty conservative and the game hasn't even really begun," Cameron noted.
The purchasing of large quantities of Bitcoin for their treasury reserves by MicroStrategy and others seems to suggest that the market is beginning to adjust. What if that's done by any Fortune 100 or 500 business, what if central banks start doing it? "Interrogated Cameron. It didn't even begin, "he added, analogizing that in a nine-inning baseball match, Bitcoin is at the bottom of the first."
"There's no Wall Street here yet. Right now, institutions don't have Bitcoin. For the last decade, it has become a supermarket phenomenon. So Wall Street speaks about it, they're aware of Bitcoin, but from our point of view they're not really in it, so it's starting to happen.'
A Tyler and Cameron study published in August 2020, titled: The Case for $500 K Bitcoin, provided the basis for the interview. In January 2020, Cameron said in the interview with McCormack, the brothers started building the study.
We began to think about what the government has been doing with the U.S. dollar and conventional kinds of value stores and hedges for the past decade or so, "Cameron explained." In March, when COVID gained a global foothold, the twins halted work on the study. After analyzing the economic changes caused by the virus, they re-started the paper some months later.
Tyler said that in 2012, he and his brother started purchasing BTC. Part of the reasoning for the study came from analyzing the success of the asset over the past decade in the local economy.
Although Bitcoin's the number of bullish predictions emerged during 2020, some have remained cautious, such as Peter Schiff's gold bug.
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