- Cameron Winklevoss believes that the value of Bitcoin will soon overtake that of precious metals like gold.
- The Gemini founder cited the possibility of space mining for precious metals like gold.
- Winklevoss believes that the abundance of precious metals on earth will make Bitcoin a more valuable commodity.
Cameron Winklevoss, the co-founder of American crypto exchange Gemini, believes that the value of Bitcoin will soon overtake that of precious metals like gold, as well as other valuable commodities like oil. In a video posted by Gemini on Twitter, Winklevoss cited the simple laws of supply and demand to make his case for the flagship cryptocurrency.
According to Winklevoss, Bitcoin is the first commodity in the universe that is “truly fixed”. He stated that BTC’s supply doesn’t expand when demand increases, making it a limited commodity with a better prospect for price appreciation. The Gemini co-founder also compared Bitcoin’s supply and demand to that of precious metals.
Citing the economics of gold, Cameron Winklevoss highlighted that an increase in its price would lead to accelerated mining efforts to meet the demand. He pointed out that this theory applied to other valuable commodities like oil as well, wherein an increase in demand prompts an increase in supply.
Winklevoss also talked about space mining, a process that involves the mining of precious metals from asteroids in space. Asteroids are believed to hold trillions of dollars worth of precious metals, including gold, platinum, iridium, palladium, and ruthenium, among several others. “Space mining is not that far out and so precious metals on earth are gonna look as plentiful as sand,” he added.
The crypto billionaire believes that precious metals look valuable to us today, but they will lose their value, paving the way for Bitcoin’s dominance in the future. Winklevoss’ latest comments came just a day after he pronounced what he believes to be the beginning of “The Great Accumulation of Bitcoin” amid a series of applications from traditional finance giants to launch spot Bitcoin ETFs.
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