The Winklevoss twins say bitcoin will "disrupt" gold

 
Courtney Goldsmith
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Bitcoin Continues To See Unprecedented Growth
Bitcoin has a market cap of around $180bn (Source: Getty)

The Winklevoss twins have argued bitcoin is a better asset than gold and is still "underappreciated".

Speaking at an even in New York, Tyler Winklevoss said bitcoin is equal to or better than gold "across the board", in terms of scarcity, portability, fungibility and durability.

"We believe bitcoin disrupts gold," he said. "We think it's a better gold if you look at the properties of money and what makes gold gold."

Winklevoss, who is famed alongside his twin brother Cameron for losing out to Mark Zuckerberg for the control of Facebook, said bitcoin has the potential to appreciate by 30 to 40 times to be on par with the gold market, which is worth around $7 trillion.

"We think, regardless of the price moves in the last few weeks, it's still a very underappreciated asset," he said.

The Winklevoss twins have made about a billion dollars from investing in bitcoin, according to Forbes' first ever Crypto Rich List published earlier this month.

However, there are still many big names who aren't as keen on the rising interest in cryptocurrencies.

Microsoft founder Bill Gates warned that cryptocurrencies were killing people in a "fairly direct way".

The anonymity associated with bitcoin is one of its major selling points among users, but it is also creating a stain on the cryptocurrency's reputation.

During an "ask me anything" session on Reddit, Gates wrote: "The main feature of cryptocurrencies is their anonymity. I don't think this is a good thing. The government's ability to find money laundering and tax evasion and terrorist funding is a good thing.

"Right now, cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way. I think the speculative wave around ICOs [initial coin offerings] and cryptocurrencies is super risky for those who go long."

Read more: Bitcoin climbs above $10k, but the rise might not last

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