Speaking during Singapore Fintech Festival 2020 on December 7, Cameron and Tyler Winklevoss confirmed their earlier predictions that the price BTC will eventually exceed $ 500,000. The twins stressed that their predictions are based on the assumption that capitalization Bitcoin will increase 40 times to overtake gold capitalization in the future.
Cameron drew attention to the “huge amount of money printing” in the fiat and debt regimes, as well as concerns about inflation as a catalyst for “hard assets” such as gold and Bitcoin. Cameron says Bitcoin offers greater benefits than gold as a money commodity. BTC offers easier transfers and resistance to external forces affecting the rate of its production.
Despite the bullish outlook, the twins noted that there was a very uneven geographic development in the crypto sector. The lack of regulatory clarity is holding back the development of business and services around technology in many emerging economies.
Strict regulation can stifle innovation
The brothers advocated that legislators should use regulatory sandboxes to reduce the barriers they face crypto startups. The Winklevoss brothers warned that stringent regulatory requirements could stifle innovation. Cameron said
“Apple started in a garage in Silicon Valley, I think Facebook started in the dorm room […] you have to be careful because the overhead is not so high that many people cannot innovate in this space ”.
Tyler added that the crypto industry relies on working with banks:
“If people want to buy Bitcoin, their right to value is usually not in cryptocurrency because crypto is new. So you need to build a bridge between the teams and this new world of cryptocurrencies and you need banks to do that. “
Despite a very good year for Bitcoin, Cameron predicts the sector is “still just getting started”. Tyler urged people to educate about Bitcoin, saying:
“Pay attention to Bitcoin and crypto and educate yourself, because it is the greatest financial and technological revolution since the Internet itself. This is not a fad, it is here to stay – and it will transform your money, the Internet and so much of the world around you. And that’s just the beginning. “