By Nick Hamilton | United States
As many of you know, Bitcoin doesn’t just go for some pocket change. However, according to Cameron Winklevoss, who is a cryptocurrency billionaire, Bitcoin has the potential to grow 40 times its current value. That would be around $340,000.
In an interview with CNBC, Winklevoss said the following:
“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. It sort of equals a better gold across the board. 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 under-appreciated asset.”
Not only that but experts such as Thomas Glucksmann say that Bitcoin could hit a $1T market cap this year, with the price per coin being around $50,000. Glucksmann is the Head of Marketing & Business Development at Gatecoin, which is a Bitcoin and Ethereum exchange based in Hong Kong. In an email to CNBC, Glucksmann says that “Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market’s rebound and push cryptocurrency prices to all new highs this year. There’s no reason why we couldn’t see Bitcoin pushing $50,000 by December.”
Despite the dips the past few weeks, if the experts say that Bitcoin has no foreseeable future of stopping. Jamie Burke, CEO of Outlier Ventures, asserts that after February, Bitcoin will be doing very, very well. He said in an email to CNBC, “We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals.”
Tyler Winklevoss, the twin brother of the earlier mentioned Cameron Winklevoss, addressed some of the criticism of cryptocurrency in an address to the media. He asserted that criticisms are “just a failure of the imagination.” He also went on to say, “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 JPMorgan… 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.“
As of 11:54 AM CST on February 9th, 2018, Bitcoin is sitting at $8,650.25, and is up 5.5%, with a just under $146B market cap. So $50,000/coin and a $1T is undeniably far. However, according to these fine experts, it’s not farfetched to say that we could be looking at numbers like those come December.