Not one to mince words, Tyler Winklevoss reportedly told the business network CNBC that “Cash is trash.” In his view, it’s only a matter of time before investors dump the dollar and other fiat currencies for BTC:
“At some point, it is hard to look at those data points and say that Bitcoin isn’t an incredible store of value.”
His twin brother Cameron Winklevoss also said that Bitcoin (BTC) “just needs to be better than gold” to see its value rise to remarkable levels.
The twins, who run the United States-based cryptocurrency exchange Gemini, believe BTC will eventually hit $500,000 — mirroring a recent forecast from Catherine Wood, CEO of ARK Investment Management.
Crypto enthusiasts believe Bitcoin’s recent run-up is different from previous market cycles because of the influx of institutional investors into the space. Bitcoin’s maturation leap also suggests that the digital currency is carving out a permanent place in the financial system.
As Tyler Winklevoss implied, Bitcoin’s adoption curve is accelerating amid fears of a historic debasement in national currencies like the U.S. dollar. These debasement fears were at the heart of a June forecast from Goldman Sachs, which called for higher gold prices.
Unlike Bitcoin, the price of gold has languished in recent months, with the spot price now trading 14% below its August all-time high.
The bullion market has seen significant outflows in recent weeks, while holders of Bitcoin have accumulated even larger positions. Raoul Paul, CEO of Real Vision Group, recently told his Twitter followers that he will liquidate his entire gold portfolio for Bitcoin and Ether (ETH).