BITCOIN price has plunged in recent weeks but one cryptocurrency expert said BTC could see a massive boost of 40 times its current value due to its similarity to gold.
Bitcoin has been dubbed as “digital gold” with US regulators saying the digital currency should be seen as a commodity instead of being compared to actual money.
Tyler Winklevoss, co-founder of Winklevoss Capital, branded bitcoin as “gold 2.0” as he said the cryptocurrency could reach a capital appreciation of $7 trillion.
Appearing on Bloomberg News, Mr Winklevoss said: “The market capital of gold is 7 trillion. In the market capital of bitcoin, let’s say it’s around 100 to 200 billion.
“We think that bitcoin disrupts gold.
It is gold 2.0. So it has an appreciation from anywhere from 100 billion to 7 trillion. So that could be anywhere from like 30 to 40 times from here.”
Benjamin Dives, chief executive of the London Block Exchange believes the volatility surrounding bitcoin will soon come to an end.
The London Block Exchange said that by the end of 2018, one in three British millennials will have invested in a cryptocurrency.
The UK’s first cryptocurrency exchange said digital currency investment will overtake bonds and shares as popularity rises in those aged between 18 and 35.