Despite a 49.94% drop in Bitcoin prices over the last month, Cameron Winklevoss has a bold Bitcoin price prediction...
In a CNBC interview on Feb. 7, 2018, the cryptocurrency billionaire said Bitcoin is still a "very underappreciated asset." He didn't give a time frame, but he said Bitcoin prices could be worth up to 40 times more than what Bitcoin prices were trading for on Feb. 7.
At the time of his bold prediction, Bitcoin prices were trading for roughly $8,500.
That places his bold Bitcoin price prediction at $340,000.
And as bold as that sounds, his reasoning why one Bitcoin today could net gains of 3,900% is not as far-fetched as it sounds...
Why Cameron Winklevoss Believes One Bitcoin Will Be Worth $340,000
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Winklevoss told CNBC Bitcoin will disrupt the gold industry as more investors learn about Bitcoin and its properties.
He called Bitcoin a "better gold" because it has a fixed supply, which Winklevoss said is better than being scarce.
VirtualCapitalist.com estimates mineable gold will run out in 2030 or later, but there's not a hard number on how much gold is left.
With Bitcoin, we know that there will only be 21 million ever created. As of Feb. 6, 16,852,188 have been mined.
Winklevoss also said Bitcoin is more portable.
Instead of having to pull gold bars out of a safe and carry them around, all you need to make a Bitcoin payment is a smartphone.
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In theory, Bitcoin's properties do make it a "new gold."
It can be used as a store of value because of its finite amount. That will provide a hedge against inflationary currencies, like the dollar.
Plus, it's more portable than gold. The portability makes it easier to use as a payment.
Now, it's true that Bitcoin has an average transaction fee of $4.59 and an average transaction time of nine minutes and 32 seconds, according to BitInfoCharts.com.
It doesn't make sense to send $10 and have to pay a fee of nearly $5. It also doesn't make sense to use Bitcoin right now as a cryptocurrency payment, because other cryptos have lower fees and faster transaction times.
For example, Litecoin has an average transaction fee of $0.22 and average transaction time of two minutes and 25 seconds.
But if Bitcoin developers can reach a consensus on how to scale Bitcoin to increase transaction capabilities and decrease fees, more people will use it.
With more demand for Bitcoin, prices could climb and reach Winklevoss' bold prediction of $340,000.
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