And Ethereum Will Eventually Be Worth 75K Per Coin
Back in late 2020, Tyler and Cameron Winklevoss — co-founders of Gemini cryptocurrency and former Olympians made a bold prediction. The twins believe that Bitcoin will skyrocket to $500,000 within the next decade as it surpasses gold as a store of value.
“The question in our mind is not so much does it get to $500,000, but how quickly,” Tyler said during an Oct. 23 podcast episode.
“I would sort of contend that $500,000 a Bitcoin is actually pretty conservative and the game hasn’t even really started,” Cameron added.
Bitcoin is better at being gold than gold is according to the twins. Both are scarce, fungible, and divisible, but Bitcoin is much more portable, and therefore more efficient.
Tyler continued the metaphor, describing Ethereum as a digital oil that fuels a protocol layer on top of which decentralized applications using their own tokens can be built. In other words, Ethereum will be the backbone for a new internet age, much like how oil is the backbone of our society today.
This brings us to today.
Bitcoin had a brutal sell-off last week that saw the leading virtual currency briefly dip below $30,000. Despite this, the twins say they’re in it to “hodl” or to hold on to their Bitcoin for dear life.
“I’m going to hodl all the way to $500,000 and I’m still going to hodl after that,” Tyler said in a recent interview.
“We are at the dawn at something as significant as the internet itself.”
Cryptocurrency is a multi-generational asset according to the twins. It’s something you’re going to pass off to your children and your children’s children.
Furthermore, this is going to cause a generational wealth shift in America making Millienials the richest group of all-time. That prediction is being bolstered by increasing amounts of U.S. money printing.
Inflation is coming, the Twins said in a recent blog post. 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.
According to the Congressional Budget Office’s projections, the U.S. will run a deficit of $3.7 trillion in 2020 and $2.1 trillion in 2021, bringing the grand total to $29 trillion by September 2021.
And don’t forget that one-fifth of all U.S. dollars ever created was made in the last year alone.
Learn from the Winklevoss twins: Hodl like your life depends on it.
Bitcoin isn’t going anywhere. U.S. regulation is a bad idea that will only hurt legitimate businesses and bolster illegal ones. It’ll also leave Bitcoin on the table for another world power to adopt it like China or Japan.
Meanwhile, Ethereum— the world’s second-biggest cryptocurrency — hit a record high yesterday. Crypto is going strong in 2021 despite a few early bumps.
Many experts predict that three to five cryptocurrencies will reach mainstream popularity in the next decade. It’s a safe bet that Bitcoin and Ethereum will be among those choices.