Cameron Winklevoss: #Bitcoin better than gold & will be worth $340,000

Bitcoin Billionaire Winklevoss Twins

Bitcoin has the potential to grow up to 40 times its current value, according to cryptocurrency billionaire Cameron Winklevoss, who described the leading digital currency as “better than gold”.

"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," Winklevoss told CNBC.

"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," he said.

As of Thursday, bitcoin’s market capitalization was almost $150 billion. So, according to Cameron Winklevoss's forecast, bitcoin’s price could someday grow from its current $8,500 to as much as $340,000 with a market cap of $6 trillion.

Continue Reading