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Money The Winklevoss twins think bitcoin could 'go up another 20 times' and trounce gold

11:06  12 december  2017
11:06  12 december  2017 Source:   businessinsider.com.au

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Thomson Reuters. The Winklevoss twins think bitcoin could appreciate 20 times and trounce gold . Others say the cryptocurrency is in a bubble. "Today it's about a 0 billion market cap, gold is at trillion, so we think it could very well go up another 20 times from today," Cameron Winklevoss

The Winklevoss twins think bitcoin could appreciate 20 times and trounce gold . Others say the cryptocurrency is in a bubble. Traders in the new bitcoin futures market appear bullish on the red-hot coin.

Cameron Winklevoss wearing a suit and tie© Provided by Business Insider Inc

Traders in the new bitcoin futures market appear bullish on the red-hot coin.

Contracts for the January futures contract on Cboe Global Markets were trading well-above the spot market for bitcoin, at over $US17,500 a coin on Monday.

But most traders are nowhere near as bullish as the Winklevoss twins. Tyler and Cameron Winklevoss, whose bitcoin holdings are worth more than $US1 billion, told Fox Business Monday the coin could reach well above $US300,000 a coin.

"Today it's about a $US300 billion market cap, gold is at $US6 trillion, so we think it could very well go up another 20 times from today," Cameron Winklevoss said.

Bitcoin futures are about to go live, and they could change the game for cryptocurrencies

  Bitcoin futures are about to go live, and they could change the game for cryptocurrencies Cboe Global Markets' bitcoin futures product launches Sunday. The product will allow investors to bet on the coin's future price and could open the door to wider-participation in the market by retail investors and institutions.Just when you thought you finally got your head around bitcoin, along comes a new bitcoin-linked financial product: bitcoin futures.

The Winklevoss twins think bitcoin could ' go up another 20 times ' and trounce gold . “Today it’s about a 0 billion market cap, gold is at trillion, so we think it could very well go up another 20 times from today," Cameron Winklevoss said.

Brothers Cameron and Tyler Winklevoss talk to each other as they attend New York State Department of Financial Services virtual currency hearing in Manhattan borough of New York (Credit: Thomson Reuters) The Winklevoss twins think bitcoin could appreciate 20 times and trounce gold .

Bitcoin, he said, could ultimately trounce its earthly rival.

"We think it's definitely realistic that it could grow and disrupt gold and maybe even beyond that," Winklevoss said.

Bitcoin slips to around $16,300, futures volumes drop

  Bitcoin slips to around $16,300, futures volumes drop Virtual currency bitcoin dipped slightly from the previous session's record highs on Tuesday, after a month of whirlwind and volatile gains leading up to the launch of bitcoin futures on the weekend. Bitcoin was quoted at $16,390 on the Luxembourg-based Bitstamp exchange (BTC=BTSP), down half a percent or $80 from its previous close.The world's biggest and best-known cryptocurrency hit a record high of $17,270 on Monday, registering a nearly twenty-fold increase in its price for the year as it drew in millions of new investors.

But most traders are nowhere near as bullish as the Winklevoss twins . Tyler and Cameron Winklevoss , whose bitcoin holdings are worth more than billion, told Fox Business Monday the coin could reach well above 0,000 a coin. “Today it’s about a 0 billion read more >>>.

The Winklevoss twins have predicted that the value of bitcoin could go up another 20 times from its current price. Speaking to Fox Business, Cameron and Tyler Winklevoss , who have been dubbed the ‘first bitcoin billionaires,’ challenged the digital currency’s critics to ‘put their money where their mouth

Bitcoin, which gained 1,500% so far this year, was trading up 8.9% at $US16,407% on Monday afternoon. The coin, which is known for its spine-tingling volatility, has traded higher since Cboe's launch of bitcoin futures. The exchange operator is partnered with Gemini, the cryptocurrency exchange founded by the Winklevoss twins, for the new market.

Still, that hasn't kept naysayers quiet. Some of the most well-respect analysts and economists on Wall Street have said bitcoin is a bubble. In fact, in a note sent out to clients on Monday, UBS Global Chief Economist Paul Donovan referred to bitcoin as the "bubble to end all bubbles." Here's Donovan:

"Cryptocurrencies only have value if accepted as currencies. However, they cannot be used for the most important transaction in an economy, and cryptocurrency supply can only rise and never fall (making them a poor store of value). To date, using cryptocurrencies requires (effectively) a simultaneous asset sale and purchase of goods or services."

a screenshot of a cell phone© Provided by Business Insider Inc

Bitcoin prices have slumped as Bitcoin Cash skyrockets .
Bitcoin prices fell sharply this morning, as a flood of money <g class="gr_ gr_4 gr-alert gr_gramm gr_inline_cards gr_run_anim Grammar multiReplace" data-gr-id="4" id="4">moved</g> into Bitcoin Cash.Prices have fluctuated wildly, but a short time ago Bitcoin briefly dipped below $US16,000 on the composite index provided by Coindesk.com -- a fall of more than $US2,000 from yesterday's prices.

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