Speaking at the Milken Institute’s first MENA Summit in Abu Dhabi this week, Cameron Winklevoss explained his opinion that Bitcoin is poised to disrupt gold – in fact it is better than the world’s most favorite commodity safe haven.
The Winklevoss twins became well-known because they are the originators of the basis for Facebook during their years at Harvard with now Facebook CEO Mark Zuckerberg. The two brothers won a famous law suit against Facebook / Zuckerberg receiving a payout of $65 million. They fortuitously purchased Bitcoin with at least some of the money and now are reportedly worth Billions. The twins have also launched the crypto exchange Gemini that became the world’s first licensed Ether exchange (it trades BTC too).
Cameron Winklevoss explained his comparison to Gold as Bitcoin has a fixed supply and gold does not thus Bitcoin is more scarce. Bitcoin is also more portable than Gold. Cameron expects Bitcoin to appreciate 30x to 40X in the coming years.
“Regardless of the price moves in the past few weeks it is still an under appreciated asset,” said Cameron.
Buying a piece of the racetrack
They believe that usually the retail investors come on board last but with cryptocurrencies that is not the case. Wall Street has been “asleep at the wheel.” And Silicon Valley has “completely missed it too.” The brothers explain the value of buying into the network which is the major thesis behind the emergence of pretty much all cryptocurrencies. If the network is successful, the crypto goes up.
For crypto investors it is probably nice to hear some positive news when digital currencies have been on such a rocky ride the past few weeks.
Watch the video below.