Twin Entrepreneurs, the Winklevoss Brothers, Advocate for a $1 Million Bitcoin Value as their Exchange, Gemini, Implement IPO Strategies
In a significant move for the cryptocurrency industry, Gemini, a New York-based crypto exchange founded by the Winklevoss brothers, went public on the Nasdaq on Friday. Shares of Gemini began trading on the Nasdaq Global Select Market under the ticker GEMI.
Upon opening, shares of Gemini were trading at $37.01, giving the firm a roughly $4.4 billion valuation. This follows an IPO price of $28 per share.
The Winklevoss brothers, early Bitcoin backers and founders of Gemini, have been vocal about their belief in the potential of Bitcoin. In a CNBC interview, Tyler Winklevoss stated that they believe Bitcoin can increase 10 times from its current price. This prediction comes as Bitcoin is currently trading above $116,000, up 2% over a 24-hour period, according to CoinGecko.
The Winklevoss brothers aren't alone in their optimistic outlook for Bitcoin. Tom Lee, Managing Partner of Fundstrat Global Advisors, recently predicted that Bitcoin can hit $200,000 by the end of this year. Arthur Hayes, co-founder of BitMex, claimed that $250,000 is a realistic target for Bitcoin in 2025.
Cathie Wood, an entrepreneur and founder of ARK Invest, made Bitcoin price predictions of up to 1 million USD per coin around 10 years ago, expecting Bitcoin to reach this value by 2030. More recent forecasts from her firm ARK Invest have even raised this target to 1.5 million to 3.8 million USD by 2030, based on accelerated institutional adoption and limited supply.
However, not everyone shares this view. Jack Dorsey, a prominent backer of Gemini, has expressed some skepticism. Cameron Winklevoss, on the other hand, believes that Bitcoin will serve more as a store-of-value than a payments system.
The Winklevoss brothers founded Gemini in 2014, and it allows users to buy, sell, and bet on the future price of digital coins and tokens, as well as custodies crypto. Bitcoin was trading for $350 per coin when the Winklevoss brothers spoke about it on CNBC in 2015. Since then, the price of Bitcoin has come a long way, and the brothers believe that it is still in its early stages.
Tyler Winklevoss noted this during the CNBC interview, stating that the price of Bitcoin has come a long way since they debuted their crypto exchange more than a decade ago. The Winklevoss brothers' prediction for Bitcoin reaching a price of $1 million per coin was met with some scepticism at the time, but with recent price surges, it is becoming increasingly plausible.
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