Tyler and Cameron Winklevoss remain bullish about the future of the market. During a conversation with Anthony Pompliano at the 2021 Bitcoin Conference in Miami, they said that it might be possible for Bitcoin to increase by at least 10x from current levels. Just for reference, at the time of writing, BTC is being traded close to $37,800.
Winklevoss Twins Bullish About Cryptocurrencies
During the 2021 Bitcoin Conference in Miami, the Winklevoss Twins made very bullish statements about BTC, the largest cryptocurrency in the world. For example, they said that they would not sell until the price of the virtual currency reaches $500,000.
Bitcoin has been moving higher over the last few months reaching an all-time high of over $63,000. This comes after a year in which governments printed tons of money in order to “fight” against the Coronavirus crisis around the world. Due to this reason, inflation in developing and developed economies started to move higher.
Regarding this situation, the Winklevoss twins called the U.S. dollar a “shitcoin,” after inflation spiked over the last months. However, this is something that could continue in the future as well. Inflation has hit the middle class and their savings, but the long-term effects of inflation could be certainly negative.
The United States, the largest economy in the world, has seen its interest rates fall close to zero and it started a new quantitative easing (QE) program in March 2020. The goal was to support the smooth functioning of the markets. Furthermore, the American Rescue Plan Acto of 2021 is also providing $1,400 payments to eligible people. The goal was to stimulate the economy despite its effect on inflation.
Inflation in the United States has also speeded up in April as consumer prices surged to 4.2%. This is the fastest growth since the financial crisis in 2008. It is curious to see that when the financial crisis erupted in 2008 and 2009, Bitcoin was released to the market. Satoshi Nakamoto envisioned a coin that would be independent of financial authorities and totally decentralized.
As we can see, inflation has been hitting hard and Bitcoin has massively surged since the Coronavirus crisis started. Now, the Winklevoss twins agree about the future of the virtual currency as they believe it could move towards $500,000 in the coming years. This is just a matter of time before we see what will happen with Bitcoin and the entire crypto market.