Winklevoss twins have invested in cryptocurrency several years ago: in 2013 they spent $11 million to purchase bitcoins for around $120 per bitcoin. The cryptocurrency surged more than 100 times since then.
During the last several years Tyler and Cameron Winklevoss have made a number of statements favouring of bitcoin. Recently Cameron has shared more thoughts with CNBC.
“We’ve always felt that bitcoin, given its properties, is gold 2.0 — it disrupts gold. Gold is scarce, bitcoin is actually fixed. Bitcoin is way more portable and way more divisible. At a $300 billion market cap, it’s certainly seen a lot of price appreciation, but gold is at $6 trillion and if bitcoin disrupting gold is true and it plays out … then you can see 10 to 20 times appreciation because there is a significant delta still,” Cameron Winklevoss said. “Long term, directionally, it is a multitrillion-dollar asset – I don’t know how long it takes to get there.”
A lot of financial experts, including Nobel Prize winners, are considering bitcoin a bubble. However, Winklevoss shrugged off concerns, comparing cryptocurrency adoption to that of social networks.
“We’ve seen the bubble term thrown around and it’s just not the right way to look at this,” he said. “Social networks grow in value exponentially based on the number of users and participants. The difference between one and 100 is dramatic – 100 and a million is that much more dramatic and exciting. As more people join it gains more value.”