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If bitcoin surpasses gold as a store of value, the rate of the first cryptocurrency could rise to $ 1 million, Tyler Winklevoss suggested.
The Gemini CEO noted that bitcoin, like the entire crypto market, has grown significantly over the past ten years. At the time of Gemini's launch in October 2015, bitcoin was trading at $380, the businessman recalled. He believes that despite the fact that bitcoin is currently trading at $115,000, which is about 30,000% more than a decade ago, the crypto market is still at an early stage of its development. In ten years, people will look back and consider the current price of bitcoin to be relatively low to enter the crypto market.
When asked by host Joe Kernen about the long-term sustainability of bitcoin, especially given the halvings that halve the reward for miners, Cameron Winklevoss replied that mining revenues will continue to grow along with the BTC exchange rate. And this is despite the fact that two more halvings are due to take place in the next decade. Cameron disagreed with the idea that bitcoin should become a currency for making everyday payments. On the contrary, he believes that bitcoin should be used as a means of saving money.
The Winklevoss brothers are not the only ones who believe in bitcoin's growth to $1 million. Recently, Brian Armstrong, CEO of the Coinbase crypto exchange, suggested that bitcoin will reach this mark by 2030, thanks to clarity in the regulation of cryptocurrencies in the United States and the creation of a state-owned crypto reserve in the country.