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In August, Cameron and Tyler Winklevoss released The Case for $500K Bitcoin. A paper that outlines the value proposition of Bitcoin, why it is a superior store of value and hedge against inflation than either gold, oil and the US dollar.
In the paper, they describe the world as ‘drowning in debt’, even before the coronavirus outbreak, and predict that the pandemic may cause everyone to come face to face with the reality of debt spiralling out of control.
While the impact on the world may be scary for the broader economy, the twins outline Bitcoin as a major winner in this scenario and predict Bitcoin’s market cap to grow from its current market capitalisation (approx. $225 billion) to that of gold (approx. $9 trillion). With the price of a Bitcoin at around $550K.
We discuss their paper, why Bitcoin is the best hedge against inflation, the debt reckoning and Wall Street investing in Bitcoin.