After a 3-year hiatus, Cameron and Tyler Winklevoss, the founders of Gemini Trust, a New York-based digital currency exchange and custodian, took to Reddit to field questions in an official “Ask Me Anything” (AMA).
— Cameron Winklevoss (@winklevoss) January 7, 2019
In the AMA, The Winklevoss brothers fielded questions on everything from Facebook (FB) and “The Social Network,” to the process Gemini uses to select new digital assets and their outlook on Bitcoin (BTC).
Notably, they believe it will be difficult for an altcoin to defeat Bitcoin’s network effects to surpass its market cap, meaning that Bitcoin will most likely continue to dominate in the long-term. In fact, Tyler believes that Bitcoin will be so successful that its ability to act as a store of value will push it beyond current commodities, including gold.
“Our thesis around Bitcoin’s upside remains unchanged. We believe bitcoin is better at being gold than gold. If we’re right, then over time the market cap of bitcoin will surpass the ~7trillion dollar market cap of gold,” Tyler said.
Ultimately, if Bitcoin were to surpass gold’s current market cap, its price would equal roughly $333,333 at full dilution. While the Twins did not offer a timeline for Bitcoin’s rise, it does clearly indicate that they’re extremely bullish on the upside over the long-term.
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.