Another Bitcoin prediction was made this week by Winklevoss twins - the famous Bitcoin billionaires. Bitcoin has “potential appreciation” of thirty to forty times its current value, Cameron Winklevoss claimed in an interview with CNBC on Wednesday, Feb. 7.
At press time, the market capitalization of Bitcoin was just below $140 bln, following a huge sell-off on Tuesday, Feb. 6 which has seen the cap drop as low as $102 bln.
That would put the Winklevoss’ estimation of Bitcoin’s future market cap at over $5 trln. This number comes from a comparison to the $7 trln global gold market, which the brothers claim Bitcoin will disrupt.
According to CNBC, the Winklevoss brothers were looking at a period of 10 to 20 years in their prediction.
In response to the recent criticisms of cryptocurrencies by representatives of J.P. Morgan and the officials present at the World Economic Forum (WEF) in Davos, Tyler Winklevoss argued that digital currencies will be a great instrument of machine-to-machine transactions.
“Cryptocurrencies aren't really important for human-to-human transactions ... but when machines-to-machines trade economic value, they are going to plug into protocols like bitcoin and ethereum. They are not going to open bank accounts at J.P. Morgan ... those were invented by bankers before the internet existed," Tyler stated, adding that "the criticisms are just a failure of the imagination."
Earlier this week, Cointelegraph reported on a number of experts who shared a similarly bullish outlook on the price of Bitcoin, predicting that it will reach $50,000 by the end of 2018, resulting in a total cryptocurrency market cap of $1 trillion.
By Helen Partz