Bitcoin Still Has Potential to Run 2,500%: Tyler Winklevoss
- Bitcoin recently set a new all-time high just shy of $20,000 on some top exchanges.
- Despite the strong rally from the March lows, analysts think there is further room for a rally.
- Speaking on CNBC on Monday, Tyler Winklevoss of Gemini said that Bitcoin could rally 2,500% from current levels.
- BTC rallying 2,500% would mean it moves to $500,000.
- Winklevoss is far from the only prominent investor in this market to think that Bitcoin could see a move to $500,000 and beyond in the years ahead.
Bitcoin Could Move to $500,000 In the Coming Years: Winklevoss Twin
Bitcoin recently set a new all-time high on top exchanges just shy of $20,000. To cover this latest leg of the rally, CNBC’s Squawk Box brought on the Winklevoss Twins, co-founders of the Gemini exchange and BTC billionaires.
They said to viewers of the show that they think Bitcoin seriously has the legs to rally exponentially in this cycle.
Tyler Winklevoss specifically said that they think there is a good likelihood that BTC can rally 25 times from the current price levels.
The Winklevoss Twins have elaborated on their Bitcoin investment thesis in the past. In a blog post outlining “the case for $500k Bitcoin,” the two wrote:
“Bitcoin has already made significant ground on gold — going from whitepaper to over $200 billion in market capitalization in under a decade. Today, the market capitalization of above-ground gold is conservatively $9 trillion. If we are right about using a gold framework to value bitcoin, and bitcoin continues on this path, then the bull case scenario for bitcoin is that it is undervalued by a multiple of 45. Said differently, the price of bitcoin could appreciate 45x from where it is today, which means we could see a price of $500,000 U.S. dollars per bitcoin.”
"We've just been HODLing," says @tyler on #btc. "We think there's a 25x from here." #bitcoin pic.twitter.com/dspeSaD3eo
— Squawk Box (@SquawkCNBC) November 30, 2020
Far From the Only One That Thinks So
The two are far from the only prominent investors in this market that think that BTC could see a move to $500,000 and beyond in the years ahead.
Raoul Pal, CEO of Real Vision, shared in a recent interview that he thinks BTC could hit $1,000,000 in the coming five years.
His bullish belief is largely based on the fact that there will be a large amount of institutional capital that gets siphoned into this space in the coming years.
Pal is also bullish because he thinks it’s possible that there will be a macro shift in the financial system in the coming years, which will put BTC in the spotlight.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Nick Chong, @Khareem Sudlow