Global Economics

Imagination: "If You Can't See Bitcoin at $320K You Lack Imagination"

Imagination has taken hold Tyler Winklevoss and Cameron Winklevoss. The twins are still fired up about bitcoin.

The Winklevoss twins claim "If you can’t see bitcoin at $320,000, you just lack imagination."

“Cryptocurrencies aren’t really important for human-to-human transactions... but when machines-to-machines trade economic value, they are going to plug into protocols like bitcoin and ethereum,” he explained to CNBC. “

His brother, Cameron, says bitcoin will one day be worth 40 times today’s price, which is currently just over $8,000, thanks to a double-digit rally.

“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,” Cameron said. “Bitcoin is actually fixed in supply so it’s better than scarce … it’s more portable, its fungible, it’s more durable. It's sort of equals a better gold across the board. We think regardless of the price moves in the last few weeks, it’s still a very underappreciated asset.”

Neither Cameron nor his brother put a specific timeline on the prediction during the chat, but they did say they’re taking the 10-to-20 year view.

The Winklevoss twins were hailed as the first crypto billionaires, after riding the hype and creating an exchange that processes $300 million in daily transactions. The brothers are currently No. 4 on the Forbes list of wealthiest players in the space, behind the Binance CEO Changpeng Zhao.

Bitcoin a "Better Gold"

What a hoot. As long as we are imagining things, let your imagination feast on this: Bitcoin and All Existing Cryptocurrencies Headed to Zero.

These fanatics seem to have unidirectional imagination. I offer a pair of musical tributes.

Just My Imagination

Lookin' Out My Back Door

​Just got home from Illinois lock the front door oh boy!
Got to sit down take a rest on the porch.
Imagination sets in pretty soon I'm singin'
Doo doo doo lookin' out my back door.
There's a giant doing cartwheels, a statue wearin' high heels.
Look at all the happy creatures dancing on the lawn.
A dinosaur Victrola list'ning to Buck Owens.
Doo doo doo lookin' out my back door.
Tambourines and elephants are playing in the band.
Won't you take a ride on the flyin' spoon?
Doo doo doo.
Wond'rous apparition provided by magician.
Doo doo doo lookin' out my back door.

Now that's imagination.

Mike "Mish" Shedlock

24 Responses

  • formula57

    Feb 8, 2018

    Let them be believed when they accept puts with a strike of USD 320,000. Any day soon, I expect.

  • SweetKenny

    Feb 8, 2018

    They need suckers, sorry investors, and try to feed greed with those kinds of statements. The FOMO is seducing some and we will see how foolish some are. Thank you easy money!

  • MorrisWR

    Feb 8, 2018

    If You Can See Bitcoin at $320K You Are Dreaming. And what makes gold gold is that it is the element gold. Are these guys really that ignorant?

  • Realist

    Feb 8, 2018

    What is the future of money? What will dominate as a medium of exchange? Which crypto currencies will survive? How will Blockchain technology be used? I have no idea what the value of Bitcoin or any other crypto will be down the road. But I suspect that the tech behind crypto/Blockchain will indeed be disruptive. I continue to be surprised by Mish insisting that all crypto currencies will go to zero. Particularly since he is such a big believer in the disruptive nature of most technology (AI, job automation, self driving vehicles, etc).

  • El_Tedo

    Feb 8, 2018

    What if I can see bitcoin at $305,000, but not $320,000? Would I still lack imagination? Actually, I can see bitcoin at three cents and gold at $2,000. I don't know if that's imagination, vision, typhlosis or - more likely - confirmation bias. But, I so hate the current rhetorical habit of couching all opposing views as idiotic, racist, or - in this case - 'lacking imagination.' I suspect most people who regularly resort to this are often insecure in their views- or projecting - , but, I don't want to be hypocritical and call them all cowardly hypocrites.

  • Grumblenose

    Feb 8, 2018

    So Bitcoin is good for machine to machine transactions. And yet it currently takes hours to do a single Bitcoin transaction. And they can't see a problem here?

  • Onni4me

    Feb 8, 2018

    "And what makes gold gold? Scarcity" Seems the limitless net has reached its limits...

  • Snow_Dog

    Feb 8, 2018

    Four crashes of Amtrak trains in last two months. I am trying to use my imagination to imagine a train system that is on time and safely operated but all I keep getting is alternating images of a fascist Italian dictator and Elon Musk imploring everyone to “stay off the trains!”.

  • shamrock

    Feb 8, 2018

    Yes, bitcoin is better than scarce, but there's no barrier to entry. There are thousands of other crypo currencies already. Meanwhile, in a digital world gold is not a good currency either. It's jewelry, mostly, and people love it.

  • Bam_Man

    Feb 8, 2018

    I can easily imagine the value of the US $ going to nearly ZERO, so yes, Bitcoin could eventually reach $320,000 or even higher.

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