Cameron and Tyler Winklevoss are often remembered for their lawsuit against Facebook, in which they claimed that Mark Zuckerberg stole their idea for the social network. On the date, the twins earned $65 million from the promotion.
Little is said, however, that the twins used some of those millions to invest in Bitcoin and industry startups, turning $65 million into $3 billion.
Some analysis points to buying millions of dollars worth of bitcoin in 2012 when the cryptocurrency was still trading at $10. Later, in 2014, they also created their own brokerage, Gemini, one of the most famous in the US.
Winklevoss Brothers believe that Bitcoin will continue to rise
Despite enjoying Bitcoin’s bull run over the past decade, Cameron and Tyler don’t believe this is the end. In a conversation with The National, published this Wednesday (7), the twins stated that Bitcoin will hit half a million dollars.
“Our bullish case for Bitcoin is that it will crack gold.”
“If you count the supply of 21 million bitcoins and the market value of gold, let’s say it is $10 trillion, that leaves 1 Bitcoin worth $500,000”continued Tyler.
The projection is also shared by Cameron, but is not new. As late as 2020, the twins claimed that Bitcoin would reach this value in 10 years, three have passed.
“Is this three years from now or nine years from now? The time part is hard”Cameron noted, noting that Bitcoin hit $1 trillion in less than a decade.
“If you look at Bitcoin’s appreciation, this punctuated equilibrium is where it’s stable. It’s hitting a new price point and that’s the new normal. So that can happen very quickly.”
At the time of writing, Bitcoin is trading at $26,850. That is, the price must be multiplied by 18.6 times to reach $500,000.
Facebook twins also talked about strategies and other investments
When asked what advice they would give to cryptocurrency investors, Tyler recommended patience and left a warning about “get rich quick” scams.
Cameron emphasized that the HODL (buy and never sell) strategy was used by them, but it is still solid for those who like long-term investments.
“It’s hard to really understand cryptocurrencies if you don’t own one, so get one and try it out.”
Finally, the twins also note that they are keeping pace with the advent of artificial intelligence. However, they noted that AI will not kill cryptocurrencies, on the contrary, “the intersection of these two technologies will be incredible”.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
