On Thursday (May 16), Tyler Winklevoss, Co-Founder and CEO of digital asset exchange Gemini, called Bitcoin (BTC) “gold 2.0”, and went on to suggest that Bitcoin’s market cap had a lot more room to grow based since Bitcoin, or digital gold, is better than physical gold and gold’s market cap is around $7 trillion while Bitcoin’s market cap is only around $140 billion.
Here is what tweet the Gemini CEO sent out on May 16:
Bitcoin is gold 2.0. It matches or beats gold across the board. It’s market cap is ~140bil, gold’s market cap is ~7tril. Do the math!
— Tyler Winklevoss (@tylerwinklevoss) May 16, 2019
This was not the first time that the Winklevoss twins, who own the Gemini exchange, talked about the advantages of Bitcoin over gold. For example, on Mar 15, Fox Business Network reported that Cameron Winklevoss, who is Co-Founder and President of Gemini, told a crowd at the SXSW 2019 conference:
“The only thing that’s truly precious, in my mind, is bitcoin. If you tell that to someone who’s my parents' age, they’ll probably look at me and tell me I’m crazy, and I’m willing to accept that. But you talk to someone who’s playing Fortnite and say, okay, two options, bar of gold or the equivalent in bitcoin, they are 10 times out of 10, 100 times out of 100, going to take the bitcoin. They want software, they don’t want hardware.”
Tyler’s tweet received some interesting replies:
- Tuur Demeester, Editor in Chief at Adamant Research & Founding Partner at Adamant Capital:
It gets better:
– 3M BTC are likely lost forever
– Asteroid mining could balloon gold supply
Still, unlike bitcoin, a gold shield will protect the wearer against nuclear radiation.
— Tuur Demeester (@TuurDemeester) May 16, 2019
- Mati Greenspan, Senior Market Analyst at social trading platform eToro:
Yeah. Bitcoin is digital gold and has advantages over regular gold. However, physical gold also has advantages over bitcoin.
It can be used to make jewelry or technology and can be used in the event of a total system meltdown. If the power goes out, you can't use bitcoin.
— Mati Greenspan (@MatiGreenspan) May 16, 2019
- Vijay Boyapati:
It beats gold across most of the board. Gold still has a historical advantage that is diminishing with time.https://t.co/kVMv2HtybI
— Vijay Boyapati (@real_vijay) May 16, 2019
Vijay, who is the author of the very popular four-part Medium article “The Bullish Case for Bitcoin”, has also said that “Bitcoin is like gold but with this magical ability that you can teleport it.” Vijay’s tweet refers to the following table:
A couple of other examples of prominent members of the crypto community who seem to agree with the Winklevoss twins about Bitcoin being better than gold are:
- Barry Silbert, the Founder and CEO of incubator and venture capital firm Digital Currency Group (DCG), the parent company of Grayscale Investments, which launched its #DropGold campaign on May 1:
sound ON! pic.twitter.com/SEGAmMItsE
— Grayscale (@GrayscaleInvest) May 1, 2019
- Mike Novogratz, the CEO of Galaxy Digital, who said in a recent interview with Anthony Pomplianao (aka “Pomp”) on the “Off The Chain” podcast:
“Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily.”
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