Is it too late to invest in Bitcoin (BTC)? Or is it still worth buying cryptocurrency? The Winklevoss twins believe that Bitcoin remains one of the best investments of the decade.
According to the Winklevoss twins' predictions, Bitcoin will surpass $500,000. But what is their reasoning behind these predictions?
The Winklevoss Twins Have Been Investing in Bitcoin for 11 years
According to their own statements, Tyler Winklevoss and Cameron Winklevoss accidentally discovered Bitcoin in 2012 while on summer vacation in Ibiza.
The two Americans then began researching cryptocurrencies further. They quickly realized that BTC had the opportunity to become money on the internet and solve many of the problems of the current financial system.
The twins first invested in BTC when the price was below $10. Thus, there are speculations that they are one of the biggest Bitcoin whales out there. Also, the net worth of Tyler and Cameron Winklevoss is estimated to be around $1.2 billion each.
After losing a lot of BTC in the fall of the then largest crypto exchange Mt. Gox, they founded their own crypto exchange, Gemini. The 16th ranked exchange in the BeInCrypto ranking of the best crypto exchanges.
However, the Winklevoss twins are not deterred by the current crypto winter. They remain long-term bullish on BTC and stick to their predictions of Bitcoin remaining the best investment of the decade. But how did the two billionaires arrive at this assumption?
Bitcoin to Soar At Least $500,000
In a recent interview with The National News, the twins explained why they remain confident in the future of cryptocurrencies. The main reason is Bitcoin's revolutionary and technical nature and potential to act as a store of value similar to gold.
Additionally, cryptocurrencies have other advantages, especially through programmability.
Read our complete guide to Bitcoin here
Therefore, the Winklevoss brothers believe that Bitcoin could even replace precious metals in the long term. Tyler Winklevoss says:
âIf you look at the properties that make gold valuable, Bitcoin matches every attribute or better. The Bitcoin gold disruption story is powerful. We believe in thatâ
Tyler Winklevoss explains his reasoning for the $500,000 price tag:
If you do the math, 21 million Bitcoin supply, gold market cap, say $10 trillion, maybe $11 [trillion], somewhere in that ballpark, that puts one Bitcoin â if it bothers gold, and get that market cap â at $500,000.
The brothers don't want to give specific investment tips â after all, it's difficult to time the market just right. However, Cameron Winklevoss revealed that the strategy they use, which is generally the simplest, is: HODL
In general, if you subscribe to Bitcoin as a store of value type investment, then the strategy is to HODL [hold on forever]. In the same way you would HODL gold. This is a long term buy and hold investment.
According to the two brothers, it is difficult to predict when the price of Bitcoin will reach $500,000. But they believe that BTC will reach the milestone within a decade.
NOTE: This article does not contain investment advice or recommendations. Every investment and trading step involves risk, and readers should do their own research when making decisions.
