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Bitcoin price of USD 500,000? — Winklevoss twins invoke HODL strategy
Many people are predicting a rising or falling Bitcoin price. The Winklevoss twins are even more optimistic than many other people and still predict a price of 500,000 USD in this decade.
The Winklevoss twins caused a stir when they accused Facebook founder Mark Zuckerberg of intellectual theft. They claimed that the idea for the social network had come from them and that Zuckerberg had copied it and put it into practice. The twins not only won in court but also made headlines as early Bitcoin investors.
“Bitcoin is Gold 2.0”
Since then, the twins have been among the most popular Bitcoin investors. Among other things, the brothers were also present at the Bitcoin Conference 2021 in Miami. The twins did not shy away from the comparison with gold either.
“Bitcoin is gold 2.0. Gold has a market capitalization of 10 trillion US dollars, while the market capitalization of Bitcoin is around one trillion US dollars. Therefore, we believe that the value of Bitcoin will increase tenfold. Even at an entry price of 35,000 US dollars, bitcoin is a good investment in the long term,” says Tyler Winklevoss.
In the crypto community, the term “Hodler” stands for people who want to hold the cryptocurrency for the long term. The term goes back to a forum post from 2013. Here, a user complained about the Bitcoin price but wanted to continue holding the cryptocurrency. Due to a typo, the user wrote “hodl” instead of “hold” — users picked up on the typo and created memes until the term became popular.
There were also a few words to investors complaining about missing out on bitcoin:
“Everyone wishes they had bought more earlier. One day we will look back and wish we had invested at US$35,000. Bitcoin should reach US$500,000 before the end of this decade. Until then, we are Hodler.”
The brothers had invested in bitcoin when the most popular cryptocurrency was still trading at around US$150.
Bitcoin price on the verge of an upswing?
The Bitcoin price continues to move sideways. When going to press, the price was around 36,000 USD, bringing the market capitalization to almost 700 billion USD. This is half the price of the all-time high.
However, according to many experts, the bottom has now been formed in this area. A further decline is therefore unlikely. Measured by the “Pi Cycle Top” index, a rise is expected again in the coming months.
The index comes from analyst Philip Swift. Before an upswing can occur, however, the short-term development in the next few weeks is important. If contrary to expectations, the Bitcoin price falls below USD 30,000. The USD 20,000 level could be tested again.
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