Crypto entrepreneurs Tyler and Cameron Winklevoss—the founders of the newly public crypto exchange, Gemini—have predicted that Bitcoin will hit a price of $1 million per coin as it "disrupts gold."
Speaking on CNBC on Friday, Tyler Winklevoss said that the price of the leading cryptocurrency had come a long way since they debuted their crypto exchange more than a decade ago.
He noted that the two spoke on CNBC back in 2015, when the digital coin was trading for $350 per coin. Now it's trading above $116,000.
"We think there's easily a 10x from here," he said. "It's still really early, and I think we'll be sitting here 10 years from now looking back and saying, 'Wow, today was really early.'"
"It's still very much the bottom of the first inning, because we see Bitcoin trading at $1 million dollars a Bitcoin, if it disrupts gold," he added. "And we think Bitcoin is gold 2.0."
Camron and Tyler Winklevoss—arguably best known for their role in the creation of Facebook—founded crypto exchange Gemini in 2014 after being early Bitcoin backers.
Gemini launched its IPO on Friday, pricing the offering at $28 per share. Shares began trading on the Nasdaq Global Select Market under the ticker GEMI on Friday afternoon, with shares trading at $37.01 upon opening, giving the firm a roughly $4.4 billion valuation. As of this writing, the price has dipped to about $34.
New York-based Gemini allows users to buy, sell, and bet on the future price of digital coins and tokens. It also custodies crypto.
Cameron Winklevoss added in Friday's interview that he believes Bitcoin will serve more as a store-of-value than a payments system. Other prominent backers like Jack Dorsey, co-founder of Block and Twitter, disagree on that front.
"We don't think it actually has to be a transactional currency—just like you're not trying to buy a cup of coffee with gold," he said.
The Winklevoss Twins aren't the only crypto heavyweights to have made big predictions for the future price of Bitcoin as of late. Fundstrat Global Advisors Managing Partner Tom Lee also this week said that Bitcoin can hit $200,000 by the end of this year.
While BitMex co-founder and billionaire Arthur Hayes has claimed $250,000 for the biggest cryptocurrency is a realistic target in 2025.
Bitcoin was recently trading for $116,507 per coin, according to CoinGecko, up 2% over a 24-hour period. Over the past seven days, the flagship cryptocurrency has risen by more than 5%. Bitcoin sits about 6% below its August all-time high mark of $124,128.
