KEY POINTS

  • While gold is scarce, Bitcoin’s scarcity is fixed because there will only be 21 million BTC.
  • The twins plan to expand Gemini Exchange to emerging markets.
  • Tyler Winklevoss said the cryptocurrency industry can only grow in collaboration with banks.

The Winklevoss twins Cameron and Tyler doubled down on their prediction that one day Bitcoin will flip gold’s market capitalization.

During the Singapore Fintech Festival, Cameron and Tyler reiterated their previous statement that Bitcoin would soon have a price of $500,000 or more per BTC. At that assumption, Bitcoin would have increased 40 times and surpassed gold’s market capitalization of $9 trillion, Cointelegraph reported

Bitcoin’s current market cap is $334 billion, trailing Mastercard’s market cap of $336 billion and just ahead of NVIDIA, which is at $330 billion, data from Asset Dash stated.

Tyler noted quantitative easing or money printing going on across the world to stimulate economies. This activity, when done irresponsibly, could lead to inflation. In contrast, Bitcoin, like gold, has a scarce supply. Bitcoin is slightly ahead of gold in terms of scarcity because the dominant cryptocurrency only has a supply of 21 million. With that, Cameron said Bitcoin is better than gold because the former can be transported easily and no external factors (such as gold miners suddenly mining more or new gold deposits discovered) can influence its price.

The Winklevoss twins own Gemini, one of the most regulated cryptocurrency exchanges. The twins are in favor of further regulation in the cryptocurrency industry, in contrast to the libertarian ideals of early Bitcoin advocates. At the Fintech Festival, Tyler asserted that the cryptocurrency industry can only grow in collaboration with banks. 

Still, the twins warned that overregulation is not good for the industry because it can stifle innovation. “You have to be careful that overhead is not so large that a lot of people can’t innovate in this space,” Cameron added.

The twins also said they plan to expand Gemini into emerging regions, noting that blockchain and cryptocurrency’s promise is to provide financial access to the world’s unbanked.

Finally, when asked to provide advice, the twins advocated for people to educate themselves about Bitcoin and cryptocurrency. “This is the greatest money and technological revolution since the Internet itself. It’s not a fad, it’s here to stay,” Tyler concluded. 

Winklevoss Twins Tyler and Cameron Winklevoss famously called "the world’s first bitcoin billionaires" are currently worth around $900 million to $1.1 billion each. Here, the Winklevoss twins arrive for the Costume Institute Benefit at The Metropolitan Museum of Art in New York, May 2, 2016. Photo: TIMOTHY A. CLARY/AFP/Getty Images