Cryptomustar
Monday, May 16, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Bitcoin

The Winklevoss Twins think Bitcoin will hit $500,000 over a long period of time

by admin
August 31, 2020
in Bitcoin
0
The Winklevoss Twins think Bitcoin will hit $500,000 over a long period of time
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter


By most analysts’ interpretations of the Bitcoin price chart, the cryptocurrency market is in the early innings of another bull trend. The last one took BTC from approximately $300 to $20,000; the one before that took the leading cryptocurrency from mere dollars to $1,300.

While Bitcoin is much more mature than it was in these previous cycles, with derivatives and short interest that should reduce volatility, the Winklevoss Twins think that Bitcoin will still see an explosive rally to the upside.

RELATED POSTS

Bitcoin long positions spike 60% on Bitfinex

Bitcoin closes 7th red weekly candle for first time ever

Winklevoss Twins: Bitcoin could soon hit $500,000

Tyler Winklevoss and Cameron Winklevoss, the co-founders of Gemini and long-time Bitcoin investors, think that BTC could hit a price of $500,000 in this market cycle or at least in the future. They even mentioned a potential price target of $600,000 and beyond, discussing how there may be companies and central banks that truly convert their reserves over to BTC, resulting in inflows never seen before.

Bitcoin moving past $500,000 would mean that BTC’s market capitalization surpasses the value of all gold in circulation.

Their bull case came down to inflationary pressures that are seemingly imminent due to the creation of trillions of dollars to offset the economic impact of the pandemic:

“Inflation is coming. Money stored in a bank will get run over. Money invested in assets like real estate or the stock market will keep pace. Money stored in gold or bitcoin will outrun the scourge. And money stored in bitcoin will run the fastest, overtaking gold.”

The duo thinks that BTC is intrinsically better than the precious metal, having a fixed supply, a digital base, is basically infinitely divisible (with Lightning), and is not expensive to hold in and of itself.

The U.S. dollar is no longer a reliable store of value. @winklevoss and I make the case for $500K #Bitcoinhttps://t.co/scnBM5DcIn pic.twitter.com/0ehHOy29T6

— Tyler Winklevoss (@tylerwinklevoss) August 27, 2020

Others agree with the bullish sentiment

The Winklevoss Twins aren’t the only prominent investors predicting this path of growth.

As reported by CryptoSlate previously, Raoul Pal, the CEO of Real Vision and a Wall Street veteran, thinks that BTC rallying 5,000 percent this cycle is feasible. “Overall, I think Bitcoin outperforms gold,” he said, going on to add that “gold can go up 2x or 3x or even 5x while bitcoin can go up 50x or even 100x.”

Pal’s optimism was mainly focused on Jerome Powell’s comments this week. This week, the head of the Federal Reserve revealed that the central bank may allow inflation to slip above the two percent limit/target that has long been the goal.

“Most people don’t understand the latter but is simply put, Powell has shown that there is ZERO tolerance for deflation so they will do ANYTHING to stop it, and that is good for the two hardest assets – Gold and Bitcoin. Powell WANTS inflation.”

I know bitcoin and gold are selling off right now and may go further but with Powell today, it tells you they have no desire to raise rates and a skewed desire to print more. That plays to the inherent upside skew in both assets.

I think they both rise over time in inflation 1/

— Raoul Pal (@RaoulGMI) August 28, 2020

Others that have discussed such a high valuation for BTC include Mark Yusko of Morgan Creek and long-time BTC proponent Max Keiser.

Posted In: Bitcoin, Analysis

Like what you see? Subscribe for daily updates.





Source link

Tags: BitcoinHitlongperiodTimeTwinsWinklevoss
ShareTweetShare

Related Posts

Bitcoin long positions spike 60% on Bitfinex

Bitcoin long positions spike 60% on Bitfinex

by admin
May 16, 2022
0

Long positions on Bitcoin have hit an all-time high on Bitfinex as they spike over 60% in a day....

Bitcoin closes 7th red weekly candle for first time ever

Bitcoin closes 7th red weekly candle for first time ever

by admin
May 16, 2022
0

Disclaimer: This article contains technical analysis, which is a methodology for forecasting the direction of prices through the study...

Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

by admin
May 16, 2022
0

Markets go up and down, but sports fandom lasts a lifetime. That makes our job easier each week with...

Goldman Sachs And Barclays’ Investment In Elwood Tech A Major Triumph For Crypto Adoption

Goldman Sachs And Barclays’ Investment In Elwood Tech A Major Triumph For Crypto Adoption

by admin
May 16, 2022
0

According to reports on Monday, two of the world’s major investment banks, Goldman Sachs and Barclays, have poured a...

Avatars For Ukraine – Top Video Game Artists, Celebs Create Poignant NFT Artworks

Avatars For Ukraine – Top Video Game Artists, Celebs Create Poignant NFT Artworks

by admin
May 16, 2022
0

Avatars could play a significant role in bringing about a semblance of sanity and aid in a country besieged...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

Cardano’s ADA Up Nearly 10% as Coinbase Adds Staking Feature

Cardano Network Developers Increase Block Size by 10%

April 27, 2022
Market Wrap: Bitcoin Pushes Past $19.2K; Ether at 3% of BTC Price

Market Wrap: Bitcoin Pushes Past $19.2K; Ether at 3% of BTC Price

December 14, 2020
Bitcoin Becomes Most-Crowded Trade After Passing ‘Long Tech’: Bank of America Survey

Bitcoin Becomes Most-Crowded Trade After Passing ‘Long Tech’: Bank of America Survey

January 19, 2021
‘League of Legends’ Vets Launch $90M Gaming Seed Fund

‘League of Legends’ Vets Launch $90M Gaming Seed Fund

October 20, 2021

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • STEPC protocol combines Web3, NFTs, and Mobile Application that integrates the Move-To-Earn mechanism.
  • Fantom Stablecoin DEI Becomes Latest to Lose Dollar Peg
  • Bitcoin long positions spike 60% on Bitfinex
  • Morgan Stanley Says NFTs Next to Watch After UST Collapse
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%