Cryptocurrencies

Bitcoin (BTC) to overtake gold – Cryptocurrencies

Winklevoss bitcoin will exceed gold

Bitcoin (BTC) has already earned numerous gold medals as it has outperformed other assets over the past decade, but its market capitalization is still far from matching that of gold. For the Winklevoss brothers, it is only a matter of time before BTC takes over. We come back to the fundamentals on which the growth of safe havens such as gold and BTC is based.

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A good reminder for savvy bitcoiners

On December 7, 2020, during Singapore fintech festival, brothers Winklevoss invited participants to learn about Bitcoin, indicating that its market cap would exceed that of gold.

They reiterated their predictions that the price of Bitcoin would exceed $ 500,000.

The market capitalization of Bitcoin would have to be multiplied by 40 to be able to exceed that of gold, currently valued at $ 9 trillion.

Cameron Winklevoss pointed to the excessive printing of banknotes and concerns about the rate of inflation, two factors driving the increased demand for assets like Bitcoin and gold.

Cameron Winklevoss also stated that Bitcoin has significant advantages over gold, including its ease of transfer and resistance to external influences on its production cycle.

The minute ad for Gemini: progression and bridges

Despite their optimistic outlook, winklevoss brothers noted the inequalities in the geographic progression of cryptos and blockchain, an imbalance partly related to the lack of clarity in the regulation of these sectors.

The latter is hampering the growth of businesses and services around blockchain technology in several emerging countries.

The promises offered by the blockchain, including access to the financial system for unbanked populations, seem far from being realized.

The Winklevoss nevertheless claim to have plans to expand Gemini in emerging regions.

Tyler winklevoss also rejects claims that Bitcoin could render the traditional financial sector obsolete.

He affirms that the growth of cryptocurrencies is conditioned by a collaboration with the banks, thanks to the creation of “bridges” between the 2 sectors.

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BTC now enjoys significant support from institutional investors. The latter are also at the origin of the rally which took Bitcoin to a new ATH. BTC could also count on mass adoption in Africa, if exchanges find a way to establish themselves there and offer services adapted to the realities of the continent. Almost non-existent electronic payment solutions, inflation impoverishing the population: this is where Bitcoin is most useful.

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