RISE AND RISE OF BITCOIN: The Power Of Crypto Currency

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by Adeyanju Olatunde

In this 21st century, there are many opportunities of generating money online. Mining, buying and selling Crypto currencies such as Bitcoin, Ethereum, Binance, Tron, Crypto-Coins BAT etc. is one of the big deal of the moment.

The richest man in the world is currently Jeff Bezos with around $200B. The current value of Bitcoin is $26,735 as at when this report was made. In the next year 10years, Bitcoins owner will be pre-eminent even to the current richest man on earth.

One of the biggest investors of Bitcoin are the Winklevoss twins who bought 200,000 Bitcoins in 2013 for $11M when Bitcoin was just worth $100, which is now worth almost $5.4 Billion. That means, they are worth $2.7 Billion each.

Tyler and Cameron: Winklevoss twins

The Winklevoss twins pitched a large purchase of Bitcoin today as the “trade of the century” and predicted the digital currency will soar by 30 times in a recent Real Vision interview.

Tyler and Cameron Winklevoss also described Bitcoin as a social network, suggested comic books and baseball cards would increasingly move to blockchains, and bemoaned the Federal Reserve’s lack of transparency.

Tyler and Cameron Winklevoss described buying a large amount of Bitcoin now as the “trade of the century” and predicted the cryptocurrency will soar 30-fold from its current price of about $26,735.

The twins, who famously accused Facebook CEO Mark Zuckerberg of stealing their idea when he launched the social-media company, are Bitcoin billionaires and run a digital-currency exchange named Gemini. They made the comments during a a Real Vision interview filmed on December 7 and released on December 11.

The pair also compared Bitcoin to a social network, predicted collectibles will increasingly be bought and sold on blockchains, and criticized the Federal Reserve’s opacity.

Here are their best quotes from the interview, lightly edited and condensed for clarity:

Tyler: “Bitcoin was the first internet money in the world. Then when you realize that money is the greatest social network of all, Bitcoin is maybe the greatest social network of all also.”

Cameron: “We are just not going to run away with your Bitcoin. It just does not make any sense for us to do that.”

Cameron: “The mainland is legacy finance, crypto is an island. We want to see an inversion where crypto becomes the mainland and legacy finance is just this dinosaur that is slowly fading away.”

Tyler: “The comic books you grew up reading, the baseball cards you collected, those are now being put on a blockchain because people are starting to realize their physical nature is actually not a feature, it is a bug. It is not about the physical nature. It is the scarcity. It is the uniqueness.”

Tyler: “The dominoes are starting to fall, and eventually it is going to be a central bank, some very smart companies, a country is going to take a huge position in Bitcoin and talk about it.”

Tyler: “The trade of the century is still out there for a couple of people, a couple of hedge-fund managers. It will be as great as the George Soros breaking the pound trade” – describing the opportunity for a fund manager to buy $100 million worth of Bitcoin.

Tyler: “Our thesis is that Bitcoin rises 30-fold from here because it is digital gold, it disrupts gold.”

What price would Bitcoin need to reach in order for the Winklevoss Twins to be the richest people in the world (assuming we count them as one unit)? If Crypto continue to rise in the sequence which its going, then, the possibility for the Winklevoss becoming the richest in the world can be said to be inevitable.

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