Winklevoss Twins Willing to Hodl Till Bitcoin’s Price Gets to $500k
Winklevoss Brothers, Cameron and Tyler, are totally optimistic about Bitcoin that they are willing to hodl until the price gets to $500k. This seems like a long way, but the Winklevoss are willing to enjoy the stormy ride especially now that Bitcoin took a plunge from the region of $64,000 to $35,000 where it is currently struggling to go beyond the $40,000 mark.
Nevertheless, the massive decline in price is not a worry to the twins as they got in way earlier than some other investors. The twins took part in the Bitcoin Conference 2021, the biggest crypto event, hosted in Miami, Florida in order to express their solidarity and optimism to Bitcoin and encourage its widespread adoption.
In December 2020, one of the twins, Tyler, had commented that Bitcoin could be on its way to Mars, well past the moon if Tesla’s CEO, Elon Musk got in and acquired it. Fast forward to this year, Tesla now owns about 1.5 billion dollars worth of Bitcoin, an event which certainly affected Bitcoin’s price positively.
Unfortunately, things took a bad turn when Tesla announced that they would no longer accept payments in Bitcoin for their electric vehicles owing to the claimed adverse effects the mining of the cryptocurrency has on the environment. However, since then, Elon Musk has been pulling strings on Bitcoin’s price because the influence he possesses over crypto enthusiasts is quite massive. Michael Saylor, MicroStrategy’s CEO even took a swipe at Elon Musk last month for this reason. Michaeal Saylor’s MicroStrategy currently hodls 92,079 BTC worth $2.251 billion.
The Winklevoss brothers bought early into Bitcoin and as far as 2013, during a conference that had a few persons in attendance, had told the participants that the future was Bitcoin. Then the coin was $150. Their optimism in Bitcoin yielded results as their cumulative net worth has skyrocketed to $6 billion.
Winklevoss Brothers Liken Bitcoin to Gold
During the Bitcoin Conference 2021, the two brothers had suggested that Bitcoin was Gold 2.0 and claimed they will be long-term hodlers of Bitcoin until 1 BTC is equivalent to $500,000. They actually think Bitcoin would surpass Gold’s market capitalization which currently stands at $10 trillion. Bitcoin’s market cap is currently at $817 billion.
The brothers admitted that Bitcoin is a long way from the target of $500,000 since the price is still teetering between $35,000 and $40,000. As at last year when they had told people to get in on Bitcoin, it was at $13,000, before hitting the ATH of $64,000 in April. Despite the twins buying in earlier than most investors, one of them, Tyler expressed regret over not acquiring more.
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