Cameron and Tyler Winklevoss are speculating that one bitcoin will eventually be worth $40,000, according to a Reddit post written by the famous duo known as Olympic rowers and for instigating a lawsuit against Facebook.
Bitcoin, which has garnered both positive and negative stories over the past few months, has climbed steadily this year from a few bucks to as high as $1,100. Due to news coming out of China that the nation’s central bank has prohibited payment companies from clearing bitcoin, it has fallen to just under $720.
Nevertheless, even with countries clamping down on the cryptocurrency, the Winklevoss twins are optimistic about bitcoins appreciating in value. They’re so optimistic about the future of bitcoin that they have never sold one and are in it for the long haul.
“Small bull case scenario for Bitcoin is a 400 billion USD dollar market cap, so 40,000 USD a coin, but I believe it could be much larger. When this will happen, if it happens, I don’t know, but if it happens, it will probably happen much faster than anyone imagines,” wrote Cameron Winklevoss.
They added that they don’t pay attention to the price fluctuations because bitcoin is a long-term investment for them. “Some days I don’t even look at the price. I’m in this for the long-haul. Spartans hold,” he wrote.
In an interview with CNBC last month, the Winklevoss twins made their case that bitcoin should be worth 100 times its value and that the digital currency is a technology of the future. The two men even compared bitcoin to gold, which had some goldbugs upset because there has been an argument that bitcoin does not maintain intrinsic value.
“A bubble is a bubble. And there’s a bubble in bitcoins.”
“I don’t see bitcoins as an alternative to gold,” said Peter Schiff, president of Euro Pacific Capital, in an interview. “If anything, [the creators of bitcoin are] modern-day alchemists, but you can’t make gold digitally. It’s no better than a fiat currency.”
Gold is currently trading at just under $1,230, while silver has dropped to below $20 per ounce.