Bitcoin May Be Merited Enough to Be Upgrade to Gold

© REUTERS / Dado RuvicA copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017
A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017 - Sputnik International
Cameron Winklevoss, admittedly one of the largest bitcoin holders as of today, thinks the future looks really bright for the much-debated cryptocurrency.

The Gemini Trust CEO predicts that Bitcoin will surge 20 times as investors begin to view it as a substitute for gold, Bloomberg wrote.

Winklevoss, who at one point worked at ground zero of Facebook Inc., bases his price projections on the market value of gold, which currently stand at around $6 trillion. Some experts in finance put it closer to $7.5 trillion. 

With all the merits being obvious, investors, Winklevoss among them, are beginning to embrace the idea that Bitcoin, which is "mined" through a set of 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 with Bloomberg on Friday, adding that it may step up its current value twentyfold. "We think it’s just the beginning. We are definitely holders."

Tokens of the virtual currency Bitcoin are seen placed on a monitor that displays binary digits in this illustration picture, December 8, 2017 - Sputnik International
Bitcoin 'Will Burst When There is No New Money to Feed It' - Analyst

As of 2013, he and his twin brother Tyler, co-founder of Gemini Trust, owned reportedly almost $11 million worth of Bitcoins, which are now valued at approximately $1.7 billion.

As the public’s approach to Bitcoin has slightly shifted in favor of it, hedge funds are increasingly betting on its swings, with experts predicting big changes as a new set of futures contracts is expected to come into play. The launch of Cboe Global Markets Inc.’s Bitcoin futures, scheduled for Sunday, is expected to secure Bitcoin at least some role in mainstream finance.

READ MORE: Gold-Backed Bitcoin to Become New Global Monetary System?


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