Bitcoin (BTC) is gold 2.0 and will take on gold’s role as the top store-of-value asset within the next decade, according to Cameron Winklevoss, the co-founder of U.S.-based cryptocurrency exchange Gemini.
During a CNBC interview published on Dec. 10, Winklevoss called Bitcoin gold 2.0 and suggested that it is destined to replace the shiny metal as the go-to store of value asset. Winklevoss also said that he expects Bitcoin to appreciate 25 to 30 times from the current price of $18,000 to $20,000. He said:
“We think Bitcoin is gold 2.0, and if you look at the market cap today I think it’s just under about $400 billion and the market cap of gold at $9 trillion or so… We think it will dethrone gold, it’s an emergent store of value and it’s better than gold.”
Winklevoss also claimed that the regulatory climate in the United States, most of Europe, and parts of Asia is “very pro-Bitcoin.” He admitted that he expects the authorities of some parts of the world to dislike the cryptocurrency, but he did not seem concerned by it given that he believes major economies to be on board. He said:
“Obviously there’s going to be some parts of the world that don’t like Bitcoin, and that’s fine but [in] a lot of the great places like the U.S. and Europe the regulation is thoughtful and good.”
He’s not alone in his bullishness. Mainstream bitcoin bull Microstrategy announced on Dec. 9 that the company plans to raise another $550 million to invest in bitcoin. However, that led Citi to downgrade its stock, so not everyone is onboard.
Talking about Facebook’s
Libra Diem stablecoin, he said that it is quite different from Bitcoin and not as decentralized, but admitted that it is exciting to see a firm this big join the space and that the project is indeed quite interesting. Still, while Winklevoss pointed out that regulators seem to be warming up to Bitcoin they are much warier of stablecoins in general and the recently renamed Diem in particular.
As Modern Consensus reported earlier this month, Germany’s Finance Minister described Libra as “a wolf in sheep’s clothing.” Also, a bill recently introduced by three members of the U.S. Congress seeks to dramatically up the regulation and oversight of stablecoins, and could potentially destabilize them.