The founders of the next generation digital asset platform built for businesses and investors, Gemini, has been relatively quiet in the new year but have recently surfaced to shed some light on the cryptocurrency industry.
The Winklevoss twins, long term hodlers of bitcoin, have made some predictions on the matter of Bitcoin. Cameron Winklevoss noted that the pioneer cryptocurrency could have a significant increase of about 30-40 times its present price point. The twins, who have been richly rewarded for holding the pioneer digital asset have long been bullish of the industry and have taken necessary efforts to bolster and capitalize on the growth of the sector.
The twins made those statements in spite of the present and rather turbulent state of the markets which have experienced a steep decline, in which Bitcoin currently has a market capitalization of 136, 516, 928, 339 Billion.
The Meaning of their prediction
The Winklevoss twins stated on CNBC that this potential increase can happen over the course of ten to twenty years. The Winklevoss twins are looking to further into the future and looking at why the pioneer currency would have much more value in the future.
The twins look further into the future
The difference between the Winklevoss brothers and detractors of cryptocurrencies seems to be that the former party is paying to the larger context and the wider applications of the digital asset, Bitcoin. This new guard is looking at the use cases of Bitcoin as a currency that will not only be used by humans by machines as well.
The era of the internet of things, artificial intelligence and other upcoming trends calls for more machine to machine transactions and exchanges eliminating the human element.
“Cryptocurrencies aren’t really important for human-to-human transactions … but when machines-to-machines trade economic value, they are going to plug into protocols like bitcoin and ethereum. They are not going to open bank accounts at J.P. Morgan … those were invented by bankers before the internet existed,” Tyler stated, adding that “the criticisms are just a failure of the imagination.”
In this case, it may not be about the matter of imagination but rather, the lack of understanding of how various sectors of the world is currently being run. For example, a joke that has been spreading on social media sites like Reddit has been that of what sad traders look like in this current equities market downturn. The meme depicts a string of machines and it is funny because of what it represents. The increasing of technology in sectors like finance.
With the increasing reality of trends like machine learning and autonomous cars, it would not be too hard to fathom more transactions that take place in an machine to machine (M2M) manner.