We reported this week that the peer-to-peer decentralized virtual currency bitcoin industry will explode to a market cap of $1 trillion, according to the Winklevoss twins, who happen to be bigtime investors in bitcoin.
Speaking at a recent financial conference, the famous twins said that bitcoin will eventually transform into an asset class similar to gold and soar to the trillion-dollar mark. This may surprise some considering that it currently has a market cap of just under $4 billion.
Peter Schiff, president of Euro Pacific Capital, took exception to the Winklevoss twins and their idea that bitcoin will ape gold or perhaps even surpass precious metals. The video has garnered a lot of buzz in the last couple of days so it should be interesting to see if the Winklevoss twins respond.
At the time of this writing, bitcoin is trading at around $225.
A bit of a layup for Peter Schiff.