Bitcoin will one day be worth 40 times price it is now, one among the Internet entrepreneur twins Cameron Winklevoss told CNBC on Wednesday. He was speaking at the CNBC-hosted chat at the Milken Institute's MENA Summit.
Bitcoin, the leading cryptocurrency in terms of both value and market cap, had touched a record high of $19,476 with a market cap of $326.14 billion in mid-December.
Despite the latest sell-off, the digital currency is still higher by over 700 percent than a year ago. Bitcoin was trading up 2.52 percent at $8,512 as of 8.12 a.m. ET on Thursday.
Bitcoin market cap is at $139 billion currently, according to coinmarketcap. Forty times this would be over $5.5 trillion
Cameron and his twin brother Tyler were taking about a 10 to 20 year for their views.
Cameron and Tyler, the founders of bitcoin exchange Gemini, are estimated to be the first bitcoin billionaires.
Bitcoin is the first cryptocurrency of note that was launched in 2008 by an individual or group of individuals known as Satoshi Nakamoto, whose real identity remains a mystery.
Lack of regulation is among the top concerns among authorities as these currencies become popular and their prices surge, alternating with nosedives. Hence, governments, central banks, and top bankers and investors have been issuing warnings of a bubble waiting to burst.
Though cryptocurrencies like Bitcoin have found favor with venture capitalists and hedge funds, the financial market bigwigs have some reservations. J.P. Morgan CEO Jamie Dimon famously called bitcoin a fraud.
Meanwhile, Billionaire investor Warren Buffett has recently had said that he would never invest in cryptocurrency despite bitcoin's enormous rise in 2017.
Investment giant Goldman Sachs also published a note earlier this week suggesting that most digital coins would crash to zero.
by RTT Staff Writer
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