They were cast as snobby rich kid villains on The Social Network, but Cameron and Tyler Winklevoss turned out to be the darlings of the digital underground.
The 39-year-old American identical twins, who co-founded a social network while studying at Harvard University and later accused Facebook founder Mark Zuckerberg of stealing their idea, are now big Bitcoin investors.
The brothers were among the first to look into cryptocurrency and were speakers at the 2021 Bitcoin conference held in Miami this weekend.
Their appearance came eight years after they first gave a keynote speech at the conference and “a few dozen” attendees said that Bitcoin, priced at around $ 150 per coin, was the future.
It’s now valued at around $ 37,000 (USD) and the Winklevii, as they have come to be known, have grown their combined net worth to $ 6 billion.
And despite a few bad months for cryptocurrency, in which the value of Bitcoin slumped from a record high of $ 63,000 in April, remain optimistic about the future outlook.
The brothers were playing in front of a rabid audience during a fireplace chat with hedge fund founder Anthony Pompliano when Tyler referred to the US dollar as the “ultimate bullshit” and showed Cameron a “Rage Against The Machine” T-shirt.
But it was their predictions for Bitcoin price that really made the crowd grin.
“We still think it’s very early,” said Tyler. “We think Bitcoin is Gold 2.0. It will disrupt gold, so its market cap must be $ 10 trillion or more because that is the market cap of gold. Bitcoin is hovering around $ 1 trillion, we conservatively think it’s at least 10x from here. Even at $ 35,000, it feels like a really good buying opportunity in the long run.
“With a market cap of $ 10 trillion, we believe a bitcoin will be worth $ 500,000, and we believe that could happen within this decade … We are HODLers to at least $ 500,000.”
The twins, who have an obvious interest in Bitcoin’s viability due to their large holdings, not to mention Gemini, the cryptocurrency exchange they own, first launched their “Gold 2.0” thesis last year.
“The thesis is not really played out yet,” said Cameron on Saturday. “We are about a twelfth of the way there. When we wrote this thought article in August (last year), Bitcoin was $ 13,000 and hit $ 64,000 (April of this year). “
“Our Gold 2.0 thesis is that it interferes with gold, and that’s conservative,” added Tyler. “Of course, Bitcoin is much more than gold. It is an open source project that is constantly evolving and can do a lot more. It can become the world’s global digital reserve currency – the galaxy. What currency will be on Mars when we arrive on Mars? It won’t be dollars, no, it will be bitcoin. “
Tyler argued that Bitcoin skyrocketed during the Covid period because investors reacted to the inflation risk created by governments pumping out trillions of dollars to keep the economy alive.
“Bitcoin is the best inflation protection in the world, it is the hardest and most solid money … so all the people who would have called Bitcoin a fraud and were skeptical and said: ‘I’m not really into technology, I don’t understand,’ they saw, what happened to fiat regimes, the US dollar, (which) is the ultimate shitcoin, ”he said. “Bitcoins had trillion dollar advertisements. The Fed is the greatest champion. “
“We wish we’d bought earlier, we wish we’d bought more, and everyone says that no matter how much you have,” added Tyler. “We look back on today and say, ‘We wish we’d bought for $ 35,000’.”
The financial world remains lukewarm to cryptocurrency as an investment game, including Scott “The Barefoot Investor” Pape, who warned strongly against it.