Bitcoin (BTC) at USD 500,000? Tyler Winklevoss advises to buy
Bitcoin is struggling with the $19,000 mark – yet Gemini boss Winklevoss believes the current value is a good entry opportunity. Meanwhile gold fan Peter Schiff tries to dampen Bitcoin’s enthusiasm on Wall Street.
It has taken almost three years for the Bitcoin price to rise back into all-time highs. It is quite possible that the next all-time high beyond the 20,000 US dollars will soon be set. At least the Bitcoin Future was not able to drive the price correction of last week out of the pool. How high the BTC price can rise in the medium and long term, however, also depends on who you ask.
Bitcoin stock exchange boss Tyler Winklevoss, for example, is certain that BTC will rise many times over. The Gemini boss considers a Bitcoin exchange rate of 500,000 US dollars to be quite realistic.
Our thesis is that Bitcoin is gold 2.0 and that it will disturb gold. If it does, it must have a market cap of $9 trillion. So we think that Bitcoin could one day fetch a price of $500,000 per Bitcoin. So at $18,000, Bitcoin is a hold or, if you don’t have one, a buying opportunity, because we believe there is a 25x from here,
a professional bullisher Tyler Winklevoss calls for the purchase of BTC on the CNBC programme Squawk Box.
This is what Michael Sonnenshein would probably sign: As Managing Director of Grayscale Investments, operator of a Bitcoin fund that has grown to almost half a million BTCs, Sonnenshein sees the big bull run yet to come:
If the inflow [of capital] into Grayscale gives any indication of the types of investors now interested in this asset class or the size of the allocations being made, then we are only at the beginning,
Bitcoin Rally without substance? Peter Schiff remains sceptical about BTC
As expected and as experience has shown, the major investor Peter Schiff has other ideas. As an avowed gold fan, he still has little to gain from what many see as the digital value storage counterpart to precious metals. His attempts to drive the Bitcoin bull into the parade are just about routine on Krypto-Twitter. Even the recent price rally, which is attributed in part to the possible Bitcoin entry of investment giant Guggenheim Partners, has not turned the gold evangelist into a Bitcoiner.
The news that Guggenheim is considering investing up to $500 million in the GBTC has pushed the price of #Bitcoin to a new high. I doubt that Guggenheim is stupid enough to actually do this, but they might be smart enough to spread the rumour to help pumpers manipulate the price,
On Wall Street, however, Bitcoin is no longer being talked about as a substitute for gold at arm’s length. As the news portal Bloomberg found out, the Bitcoin price rally was accompanied by a large sell-off in gold ETFs.