While speaking at the Singapore Fintech Festival 2021 on December 7, the Winklevoss twins encouraged attendees to learn more about bitcoin. At the same time, they believe that bitcoin’s market capitalization will flip that of gold in the coming years.
The pioneering bitcoin investors Tyler and Cameron Winklevoss reiterated their previous predictions that bitcoin will surpass $500,000 in the long term. They said that their $500K prediction is forecasted on the assumption that BTC’s market cap will surge by 40 times to surpass that of the precious metal which is around $9 trillion currently.
Cameron highlighted the “tremendous amount of money printing going on” in debt and fiat regimes. Additionally, he pointed to the worries surrounding inflation as a reason for the increase in demand for the ‘hard assets’ like bitcoin and gold.
He said that bitcoin offers many advantages over gold as a monetary commodity, including its ease of transfer and immunity to the external forces influencing the rate of its production.
The twins acknowledged that the crypto industry has seen inequivalent geographical advancement despite their bullish outwork. They believe that a lack of regulatory clarity may hinder the growth of business and services that surround this nascent technology in most of the emerging markets.
Nonetheless, they highlighted the technology’s promise of banking the world’s unbanked. The investors said that that they have plans to expand their Gemini exchange into emerging regions.
Growth In The Bitcoin Market
These twins advocated that lawmakers should use regulatory sandboxes to minimize the barriers faced by start-ups working with crypto, warning that the many heavy-handed regulatory needs may stifle innovation. Cameron added:
“Apple started in a garage in Silicon Valley, I think Facebook started in a dorm room […] you have to be careful that overhead is not so large that a lot of people can’t innovate in this space.”
Tyler also dismissed the cryptocurrency community’s “provocative rhetoric” about bitcoin’s potential to render the legacy industry obsolete, asserting that the cryptocurrency sector’s growth is correlated with collaboration with banks:
“If people want to buy Bitcoin, their value right is usually not in crypto because crypto is new. So you have to build a bridge between bands and this new world of crypto, and you need banks to do that.”
Despite the tremendous year that bitcoin has enjoyed so far, Cameron says that the sector has just started its bull cycle. Tyler encouraged people to educate themselves about the potentials and opportunities that bitcoin offers, saying:
“Pay attention to Bitcoin and crypto and educate yourself, because this is the greatest money and technological revolution since the Internet itself. It’s not a fad, it’s here to stay — and it will transform money, the Internet and so much of the world around you. And it’s just starting.”