Bitcoin is going to overtake gold and become the world's leading safe haven asset

If you follow the line of thinking put forward by the Winklevii (that is Cameron and Tyler Winklevoss) then you believe it is only a matter of time before bitcoin is worth roughly $500k per coin.

By the way if the Winklevoss twins sound familiar, they should, they were the ones who Zuckerberg supposedly stole their idea for Facebook from.

It turned out ok for them though as they took their settlement money from the lawsuit with Zuckerberg and put a big chunk of it in bitcoin early on.

The end result was them becoming some of the first bitcoin billionaires and the founders of the Gemini cryptocurrency exchange here in the US.

Seems like it worked out ok for both sides.

Anyways, how is bitcoin going to get to $500k???

The case put forth by the Winklevii is really pretty straight forward.

Which can be seen here btw:

https://winklevosscapital.com/the-case-for-500k-bitcoin/

They see bitcoin as a better store of value than gold and by default, over time, it will overtake gold as the world's preferred store of value investment.

Taking a quick look at the total market value of gold and we can quickly see that is currently around $10 trillion.

If we do some napkin math starting with our current bitcoin valuation around $200 billion, we can see that bitcoin would need to go up 50x to get to a similar valuation.

If we apply that 50x to the current market price, we can easily get a price north of $500k.

Seems simple enough right?

Unlike the stock to flow model or other price predictions there is no time frame attached to this line of thinking except that it will happen over the coming years.

Why bitcoin makes more sense gold...

Bitcoin is in theory a better store of value than gold for several reasons, most of which can be seen here:

(Source: https://winklevosscapital.com/the-case-for-500k-bitcoin/)

Based on the above chart the only thing that gold does better than bitcoin is have a higher market valuation.

Well that and the 10k year history of gold working as some sort of store of value, so there's that as well...

Keep in mind that there is more than just the gold store of value market as well, the Winklevii specifically mention the US dollar as well as oil as other options that people have used of late.

So, technically bitcoin doesn't even have to obliterate the gold store of value market to get to $500k, it could just pull value from several other store of value markets to reach that number.

And if it pulls enough value from these places and others, it could in theory, go even higher than that $500k number, eventually.

But anyways, those days a ways off from now and bitcoin isn't going to $500k tomorrow, that being said though with everything going on in the world, I am starting to wonder how bitcoin can't succeed in becoming tremendously more valuable than it is today.

I'm convinced.

Stay informed my friends.

-Doc