Founders of the exchange Gemini Brothers Tyler and Cameron Winklevoss believe that Bitcoin will rise to $1 million if it defeats gold.
Speaking on the business news program Squawk Box, the businessmen recalled how they gave an interview to CNBC journalists in 2015, when BTC was worth only $350, and now the price of the cryptocurrency reaches $116,000. However, they believe that the bullish rally in the digital asset market is not yet over.
We think Bitcoin can go 10x from its current value. I think in 10 years we’ll sit back and look back and say, «Wow, that was way too early.» We’re just at the bottom of the first round. We’re looking at $1 million if Bitcoin beats gold. And we think that’s going to happen. Bitcoin «This is gold 2.0,» Tyler said.
Cameron added that Bitcoin is more of a store of value than a means of payment. In this regard, it is similar to gold, which no one uses to pay for a cup of coffee, as Winklevoss put it. Therefore, in the course of its development, BTC has deviated significantly from the trajectory set by Satoshi Nakamoto, who called Block Bitcoin peer-to-peer payment system.
The main reason why few people want to pay with BTC is not the status of the cryptocurrency, but the commission that is too high by the standards of digital assets. Currently, you have to pay an average of $0,926 to process a transaction, and in the Ethereum network this figure is $0,426. Therefore, it is not profitable to use the Bitcoin blockchain.
Average fees in Bitcoin and Ethereum networks