Bitcoin price rise to $500k is inevitable, Winklevoss twins say

Gemini crypto exchange founders Tyler and Cameron Winklevoss said that Bitcoin will eventually hit $500,000 per coin during a recent interview with podcast host Peter McCormack.

"I would sort of contend that $500,000 Bitcoin is actually pretty conservative and the game hasn't even really started," Cameron noted.

MicroStrategy and others buying significant amounts of Bitcoin for their treasury reserves seems to indicate that the market is beginning to shift.

"What if every Fortune 100 or 500 company does that, what if central banks start doing that?" Cameron queried.

"It hasn't even started," he added, analogizing that Bitcoin is in the bottom of the first in a nine-inning baseball game.

"Wall Street is not here yet. Institutions aren't in Bitcoin right now. It's been a retail phenomenon for the last decade. So Wall Street talks about it, they're aware of Bitcoin, but they're not really in it from our perspective, but it's starting to happen."

The basis for the interview was a report from Tyler and Cameron published in August 2020, titled: The Case for $500K Bitcoin.

The brothers began constructing the report in January 2020, Cameron said in the interview with McCormack.

"We started to think about what the government has been doing with the U.S. dollar for the past decade or so and traditional sort of stores of value and hedges," Cameron explained.

While a growing number of bullish predictions for Bitcoin surfaced throughout 2020, some have remained skeptical such as gold bug Peter Schiff.