Bitcoin (BTC) billionaire and Gemini Exchange co-founder Tyler Winklevoss said Bitcoin would reach $500,000 after a long-term bull market.
Building on a simple theory of the long-term $500,000 Bitcoin price, Winklevoss believes Bitcoin can surpass gold, which is considered the leading safe haven of the global market.
The market value of gold is estimated at $9 trillion, while Bitcoin is worth about $200 billion. Bitcoin has the potential to increase 45 times, according to Winklevoss, who shared a post on his official blog on August 27.
He thinks bitcoin is the safest port
Winklevoss said investors have relied on three large stores of value for decades: Gold, Oil, and the dollar arguing that all three have their own weaknesses. Gold and oil are difficult to transport and store, the billionaire said, stressing that neither has a fixed supply.
An increase in the supply of both assets over time can negatively affect their value. Winklevoss explained the situation as:
“Currently, gold is a reliable store of value and a tool for inflation protection. Even so, the total supply of gold is unknown. While gold remains scarce and therefore ‘valuable’ on planet Earth, the same cannot be said for our galaxy… “
Describing the biggest problem of the US dollar as inflation and value instability, the expert noted that economic uncertainty has weakened the dollar. He noted that if high inflation in the dollar continues, gold or Bitcoin could exceed the money stored in banks.
Noting that inflation is not possible due to bitcoin’s constant supply of 21 million, Winklevoss stressed that the future is a valuable asset, as it can be easily transported and transferred, unlike gold and oil.
The famous name also argued that the price of Bitcoin has risen with the decisions taken by the Fed.
