Cameron Winklevoss — one half of the famous twins told CNBC on Wednesday,that Bitcoin could be worth 40 times its current value one day
"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."
'Failure of imagination'
Bitcoin has undergone a wild ride in terms of price in the past few days, this week, Indian government set up new regulation for the crypto currency; some financial institutes set up the ban to not allow customers to buy the crypto currency by the credit card, etc..
"You know the criticisms are just a failure of the imagination," Tyler Winklevoss said.
"Cryptocurrencies aren't really important for human-to-human transactions ... but when machines-to-machines trade economic value, they are going to plug into protocols like bitcoin and ethereum. They are not going to open bank accounts at J.P. Morgan ... those were invented by bankers before the internet existed. Trying to use them as payments or money on the internet is a square peg in a round hole at best."