Bitcoin has been in a bit of a slump over the last month and a half or so, but according to Michael Saylor – the former CEO of MicroStrategy – and the Winklevoss Twins, this slump could soon be coming to an end, and the world’s number one digital currency by market cap is going to reach new levels of bullishness.
The Winklevoss Twins Have High Hopes for BTC
In a recent interview, Saylor mentioned that the bitcoin price could hit a new height “very quickly,” and the weakened behavior we’ve been so accustomed to over the last six or seven weeks may be ending sooner than we think. He commented:
I have confidence that the crypto exchanges will come around to realizing that bitcoin really is the dominant asset in this space, and their business models are fine when bitcoin goes up by a factor of ten.
Right now, bitcoin’s dominance in the crypto market stands at about 50 percent. However, he’s confident that this dominance could soon hit the 80 percent mark, meaning roughly 80 percent of the market will be entirely composed of bitcoin. He is also confident that this will happen at around the time that the lawsuits from the SEC against leading digital currency exchanges Binance and Coinbase reach their pinnacles in the coming months. Saylor said:
The entire industry is kind of destined to be rationalized down to a bitcoin-focused industry, with maybe a half a dozen to a dozen other proof of work tokens.
He’s not the only one who feels this way. This sentiment is shared by both Cameron and Tyler Winklevoss, the bitcoin billionaires that run the Gemini exchange in New York. They are firm believers that bitcoin is going to “disrupt” the gold market, and that the world’s primary form of crypto will eventually hit a price of about $500K per unit. This would give it a market cap of about $10 trillion.
Cameron Winklevoss chimed in with:
If you look at the value increases in bitcoin, it is this punctuated equilibrium where it is steady, steady, steady, and then boom! It reaches a new price level. That is the new normal. So, it could happen very quickly.
2022 was badly marred by a harsh crypto winter. Things really fell into the depths, with some coins – like BTC – losing approximately 70 percent of their overall value, and the valuation of the general crypto market wound up shedding about $2 trillion over the course of a year.
Forget About the Crypto Winter!
However, the brothers were quick to toss this over their shoulders, with Cameron saying:
It is still going to be the best investment of this decade. Bitcoin is [like] a honey badger. Whatever does not kill it makes it stronger, and it has been through a lot.
