There was a time that those who owned Bitcoins and other cryptocurrencies way before the boom of 2017, used to be pleased with a rise of a mere 5% in value. Today, the sad reality is that those who invested after the boom are now cursing and blaming media hype, or simply cutting their losses by calling it an investment bubble that finally popped.
These new investors, have never seen the joy of a miner who has been patiently hodling for the last 7 to 8 years waiting for the pay day to come. It is these elite few, commonly known as the ‘HODL Gang’, who are the happiest with this slump as this gives them a chance to get their wallets and folders in order after they made a neat profit.
Now that the craze and new investor euphoria has evaporated, the game has returned to being one that tests patience. The question remains, who amongst us has that inner patience and confidence in their portfolio to play this game?
Winklevoss Twins: The Name and The Fame
The Winklevoss twins may look like dreamboats, but have a shark like mentality when it comes to trading. Ages back when they tried to launch HarvardConnection (later renamed ConnectU) the resulting mess with Zuckerberg dampened their quest to create a name for themselves. ( they did manage to win $ 65 Million when they sued Zuckerberg for allegedly stealing their idea)
It was through these earnings that they invested in Bitcoin believing them to be the next big thing on the horizon. They also claim to have upto 1% of all the Bitcoin ever mined. This set their joint value at a whooping $ 1.3 Billion in profits. They were even hailed as the first Bitcoin Billionaires apart from the legendary Satoshi Nakamoto.
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While, this amount may be enough to live a hedonistic lifestyle for the next several generations, the twins on the other hand decided to hodl the Bitcoin and faced a grim January as the prices plunged. Undeterred, they continue to believe that Bitcoin and other cryptocurrencies shall rise and ‘touch the Moon’. At the recently concluded Milken Institute’s MENA Summit in Abu Dhabi, the twinks took a dig at J P Morgan, CEO Jamie Dimon, who called cryptocurrencies a bubble about to burst and a fraud. They had a fitting reply to him and even Warren Buffet who called Cryptos a bubble that shall was worse than the 90’s DotCom bust. Tyler Winklevoss said, “As you get older your brain loses its plasticity at some point and you get wedded to the frameworks that you have,” He further added, “You enter this world and you’re taught money is this thing that’s green, or it’s this precious metal, and you start confusing what’s familiar or what you use as what’s real or the way things have to be.”
The Future: The Game And The Claim
The Gold Standard. It was a basis on which governments set the bar on the value of their currency after the first world war. The twins believe that Bitcoin has the potential to grow even bigger in terms of value than the now defunct Gold Standard. “Taking Bitcoin in isolation… we believe bitcoin disrupts gold. We think it’s a better gold, if you look at the properties of money. And what makes gold gold? Scarcity. Bitcoin is actually fixed in supply so it’s better than scarce… it’s more portable, its fungible, it’s more durable. It sort of equals a better gold across the board”.
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Keeping the above quote in mind, the brothers continue to be adamant, that the value of cryptocurrencies shall rise. They are willing to take the odds that Bitcoin shall touch the value of $ 320,000 Million. The only problem that we have with this high prediction is that they did not say when. There is no hint of when the value of Bitcoin shall reach this level. Today, tomorrow, year end or the next? I am willing to take the odds even if it does so in the next 20 -30 years. If you don’t, well, you just lack imagination.