Cameron Winklevoss, thought to be one of the largest holders of bitcoin, thinks the cryptocurrency’s blazing gains this year are just the start. He predicts it will rise as much as 20-fold as investors come to view it as an upgrade to gold.
Wall Street’s plan to launch futures contracts on Sunday, making it easier to bet against the digital currency’s rally in recent months, is making some enthusiasts nervous — but not Winklevoss. He’s one of the famed 36-year-old twins who played an early role in Facebook Inc.’s formation, then dedicated part of their fortune to the cryptocurrency and have since tried to win approval for a bitcoin trading vehicle.
Winklevoss bases his price projection on the market value of gold, which he pegged at about $6 trillion and others calculate at closer to $7.5 trillion. Investors are beginning to embrace the idea that bitcoin, “mined” by computers performing complex calculations, is more portable and divisible than the precious metal, he said.
“We think that bitcoin is a gold disruptor,” Winklevoss said in a telephone interview on Friday, predicting it may yet appreciate by 10 to 20 times its current value. “We think it’s just the beginning. We are definitely holders.” […]