The Winklevoss twins have made headlines with their bold prediction that Bitcoin could soar to $1 million, emphasizing their strong belief in the cryptocurrency’s potential to disrupt traditional stores of value like gold. Tyler Winklevoss, co-founder of the cryptocurrency exchange Gemini, articulated this stance during a recent CNBC interview, characterizing Bitcoin as “gold 2.0.”
Recalling a similar forecast made a decade ago when Bitcoin was valued at approximately $380, Tyler noted that the cryptocurrency has exhibited remarkable growth, now trading at around $115,000—a staggering increase of over 30,000%. He further expressed confidence in Bitcoin’s future, stating, “We think there’s easily a 10x from here,” and predicting that in another decade, the current period will be viewed as “really early” for the asset.
Tyler also diverged from the views of some Bitcoin proponents, such as Jack Dorsey, CEO of Block, by suggesting that Bitcoin does not need to function as a transactional currency to be valuable. Emphasizing its role as a store of value similar to gold, he remarked, “Just like you’re not trying to buy a cup of coffee with gold, it’s a store of value. And if that’s all Bitcoin is, is gold 2.0, that’s tremendous.”
The Winklevoss twins’ optimism coincides with Gemini’s recent public listing on the Nasdaq. The stock debuted at $37, skyrocketing to nearly $46 on its first day of trading, significantly above its initial offering price of $28. By the close of trading on Monday, Gemini’s stock was valued at $32.52, giving the company a market capitalization exceeding $3.8 billion.
Commenting on Gemini’s competitive advantages, Cameron Winklevoss highlighted the Gemini credit card as a key differentiator from market leader Coinbase. This card allows users to earn up to 4% back in Bitcoin and other cryptocurrencies on purchases. He suggested that as Bitcoin continues to appreciate in value, transactions made with the card could effectively become free for users.
The demand for this credit card has spurred significant interest in the Gemini platform, with Matthew Sigel, Head of Digital Assets Research at VanEck, noting an 800% increase in app downloads year-over-year, alongside a 49% rise month-over-month. This trend reflects a growing appetite for crypto-related financial products and services among consumers.
