New bitcoin billionaire Winklevoss sees cryptocurrencies heading much higher
Cryptocurrency investor Cameron Winklevoss sees bitcoin becoming a multitrillion-dollar asset. Winklevoss and his brother Tyler once sued Mark Zuckerberg in an attempt to gain control of Facebook, and then invested their settlement in bitcoin.
“We’ve always felt that bitcoin, given its properties, is gold 2.0 — it disrupts gold. Gold is scarce, bitcoin is actually fixed. Bitcoin is way more portable and way more divisible. At a $300 billion market cap, it's certainly seen a lot of price appreciation, but gold is at $6 trillion and if bitcoin disrupting gold is true and it plays out… then you can see 10 to 20 times appreciation because there is a significant delta still,” Cameron Winklevoss told CNBC on Friday.
“Long term, directionally, it is a multitrillion-dollar asset — I don’t know how long it takes to get there,” he added. Winklevoss disputed suggestions by some analysts that the rapid rise of cryptocurrencies in recent months is a massive bubble.
“We’ve seen the bubble term thrown around and it’s just not the right way to look at this,” he explained. “Social networks grow in value exponentially based on the number of users and participants. The difference between one and 100 is dramatic — 100 and a million is that much more dramatic and exciting. As more people join it gains more value.”
When asked whether people should invest in something they do not understand, Winklevoss said that it is not a problem. “Most people don’t know how the internet works but they are comfortable using it,” he pointed out.
In 2008, Tyler and Cameron Winklevoss famously settled with Facebook founder Mark Zuckerberg over the claim that he stole their idea for the Facebook social network. The brothers used their payout to invest in bitcoin and recently made headlines by becoming the world’s first bitcoin billionaires.
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