Gemini exchange co-founder Tyler Winklevoss compared cash to rubbish during an interview with CNBC.
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Bitcoin millionaire and founder of the Gemini exchange, Tyler Winklevoss, compared cash to rubbish. During an interview on CNBC, he highlighted what he sees as the advantages of cryptomoney over the old money system.
At the same time, he stressed that it is only a matter of time before big investors discard the dollar and other currencies. Instead of traditional money, investors will focus mainly on Bitcoin, as this is, in his opinion, the most advantageous asset to invest in.
Tyler’s twin brother, Cameron Winklevoss, stressed that Bitcoin only needs to be better than gold. By achieving that, the value of the pioneering cryptomone would take off to remarkable levels.
Winklevoss: Dollar weakness will push Bitcoin to US$500,000
Why did Tyler Winklevoss compare money to rubbish?
The fact that many investors are now largely abandoning currencies such as the USD is worth considering. The fear of a possible weakening of the dollar, makes it more advantageous to put capital into reserve assets. Among these, Bitcoin has been in high demand.
The Winklevoss twins, meanwhile, believe that Bitcoin’s value will reach $500,000 in the not too distant future. This position, according to CoinTelegraph, is shared by Katherine Wood of ARK Investment Management.
Bitcoin’s current price growth, according to advocates of the digital currency, is different from previous bull runs. The main difference now is that Bitcoin is more mature than at other times and its volatility has decreased considerably.
The reason for this maturity, could be sought in the acquisition of this cryptomoney by large institutional investors. All of this could indicate that the cryptomone has already made a permanent place in the financial system.
Bitcoin could grow 25 times its current price, says Tyler Winklevoss, who compared fiat money to junk. Source: CNBC
Bitcoin could grow 25 times the price now, says Tyler Winklevoss, who compared fiat money to rubbish. Source: CNBC
Winklevoss Brothers claim to have $2 billion thanks to Bitcoin
Adoption curve continues to accelerate
Along with Tyler Winklevoss‘ words, in which he compared fiat to rubbish, he also noted that the adoption of Bitcoin is growing at a frenetic pace. Especially among heavyweight investors.
The acceleration of the Bitcoin adoption curve continues at a rapid pace, so the investor considers the fears of a collapse. In doing so, he refers to a possible generalised collapse of national currencies dragged down by the weakening of the USD.
At the same time as this is happening, the price of Bitcoin continues to rise, and the more it rises, the more attractive it becomes to other investors. It is a circle that many see as a bubble. However, it is not the first time that the leading cryptomone currency has been considered in such a way.
In this scenario, gold is another asset that could be in the minds of dozens of investors. But in the case of this metal, its price has weakened.
Although Tyler Winklevoss was unable to determine precisely when the price of Bitcoin will reach the aforementioned figure, what seems certain is that investors‘ fears continue to grow.
Facts to Consider
The Winklevoss twins claim that the price of Bitcoin in the future would reach $9 billion.
They also bet that the price of cryptomoney will soon reach USD 500,000.
These claims are based on the acceleration of Bitcoin’s adoption curve among large investors.
Fears of a collapse of national currencies would be the other reason for Bitcoin to become the dominant global asset.