Billionaire bitcoin investor Cameron Winklevoss is of the opinion that the gains made by the cryptocurrency this year are just the beginning, predicting that the price will rise as much as 20-fold with investors viewing it now as an upgrade to Gold.
Bitcoin futures contracts have been launched on the Cboe platform while the CME exchange platform will launch theirs on the 17th of this month, making it easier for traders and investors to bet against the rally of bitcoin over the next few months. That seems to be making some investors nervous but Winklevoss isn’t one of them. He was one of the early investors in Bitcoin before pulling his fortune and dedicating it to cryptocurrency.
According to Winklevoss, he builds his price projection for bitcoin looking at the value of gold, which he believes has a current market value of $6 trillion even though the real figure is $7.5 trillion. He further added that investors are now accepting the fact that bitcoin, “mined” by computers performing complex calculations is to a certain extent more portable and divisible than gold.
In a telephone interview, Winklevoss added that “We think that bitcoin is a gold disruptor,” predicting the value would increase by 10 0r 20 times the current value, “We think it’s just the beginning. We are definitely holders.”
Winklevoss and his twin brother Tyler back in 2013 owned almost $11 million worth of bitcoins. If the duo retained their bitcoin, then they would be worth over $1.7 billion today. When asked about his current bitcoin holdings, Winklevoss declined to comment on the question.
As more people across the world are getting into the bitcoin frenzy, the price of the currency reached an all-time high of over $16,000 last week before settling above $15,600 on Friday. With the rise of bitcoin, over a 100 hedge funds have surfaced to bet on its swings. The new future contracts launched on platforms like CME will make it easy to make the bet and slowly easing the currency into the world of mainstream finance.
The exchange platform operated by the twins Gemini exchange are hopeful that they would get approval like the rest, Winklevoss added that “We think we are in a good spot and ready for game time.”