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Bitcoin Billionaires, Tyler and Cameron Winklevoss, believe weakness in the U.S. financial system and other factors mean the Bitcoin price could one day reach $500,000 per BTC.
“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 brothers said in their latest analysis.
It added that “Bitcoin has already made significant ground on gold — going from whitepaper to over [USD] 200 billion in market capitalization in under a decade.
Today, the market capitalization of above ground gold is conservatively [USD] 9 trillion.”
By applying a gold framework to value bitcoin, the twins say that, should BTC continue on this path, the bull case scenario for the cryptocurrency could be that it is currently undervalued by a factor of 45. According to the analysis:
“Said differently, the price of bitcoin could appreciate 45x from where it is today, which means we could see a price of [USD] 500,000 … per bitcoin.”
Furthermore, the forecast says it does not factor in the possibility of BTC displacing a share of the USD 11.7 trillion dollars of fiat foreign exchange reserves that are currently held by governments worldwide.
“Foreshadowing this, at least one publicly-traded US corporation has begun holding bitcoin as a treasury reserve asset.
If central banks start to diversify their foreign fiat holdings even partially into bitcoin, say 10%, then 45x gets revised upward towards 55x or [USD] 600,000 per bitcoin, and so forth,” the brothers said.
Winklevoss Capital has bought shares in a number of companies from the blockchain industry, including digital wealth management solution BlockFi, and micropayment infrastructure provider ChangeCoin.
The home office also invests in cryptocurrencies, including BTC and Zcash (ZEC), according to data from the firm.
In other trending Bitcoin News today:
3 reasons why Yearn.finance YFI price just hit a new high of $18K!
YFI, the native token of the Decentralized Finance (DeFi) giant yearn.finance, achieved a new all-time high. It soared by 30% in the last 12 hours from $14,017 to $18,169, entering price discovery.
The term price discovery refers to when an asset hits a new record high and markets seek a new peak. YFI entered price discovery for the first time in 8 days, after achieving its previous peak at $16,666.
Three factors likely triggered the rally of YFI to a new all-time high: a potentially new partnership, a listing on Aave, and strong technicals.
On Aug. 28, the money market protocol Aave (LEND) listed YFI. Aave is the largest DeFi protocol in the global market with more than $1.52 billion in total value locked.
As Cointelegraph previously reported, Aave received approval from the U.K. Financial Conduct Authority, which further secured the dominance of Aave over the DeFi market. Jordan Lazaro Gustave, the COO of Aave, told Cointelegraph:
“Aave will also be making credit delegation possible, where party A can delegate their credit line to party B, who can borrow against it. This will all be made possible by a legal agreement via OpenLaw. For example, a credit delegator could be a party that wants to build up more credit, and a borrower could be a business, NGO, government, institution, etc.”
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