Cameron of the famous Winklevoss twins has claimed that the phenomenal rise in the price of leading cryptocurrency Bitcoin is primed to increase further in the long term. He claimed that if Bitcoin has the capability to disrupt gold, then it can appreciate by 10-20 times further because there’s still a significant delta for the number one virtual currency.
In his interview with CNBC in early December 2017, Cameron Winklevoss said that Bitcoin is gold 2.0 as it has the capability to disrupt gold.
Despite already reaching a market capitalization of $300 bln, the digital currency has lots of room to grow.
"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 bln market cap, it's certainly seen a lot of price appreciation, but gold is at $6 tln 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.”
Other major developments for Bitcoin
Bitcoin advocates are expected to support the scheduled launching of Bitcoin futures trading by the Chicago Board Options Exchange (CBOE). The trading transactions will be done at the Gemini digital currency exchange, which was co-founded by the Winklevoss twins. The CME Group is also scheduled to launch its own futures trading in the next two weeks.
According to several experts, the launching of Bitcoin futures trading will help pave the way for the introduction of Bitcoin exchange-traded funds (ETF). The US Securities and Exchange Commission (SEC) is claimed to be already assessing the feasibility of Bitcoin ETFs.
According to Winklevoss, the launching of the Bitcoin futures sets the stage for other products.
"We think derivatives set the stage for other products and is the next logical evolution of this market.”