Bitcoin, the world’s first and largest cryptocurrency which has been struggling to justify its price recently, has found many new supporters amid its long-running bear market. But the loudest voices of support are coming from those who have been in the bitcoin and cryptocurrency industry for some time.
The bitcoin price has slumped over the last 15 months, falling from all-time highs of near $20,000 to around $4,000, and causing a bitter crypto winter to grip the sector.
Now, the likes of Binance chief executive Changpeng Zhao, EOS co-founder and BlockOne CEO Brendan Blumer, and the Winklevoss twins of Facebook-founding fame, who went on to create the U.S. Gemini crypto exchange, have said they still have strong faith in bitcoin and crypto despite the downturn.
The fall in the bitcoin price has caused many to doubt the future of cryptocurrencies.GETTY
“$4k & 300k There are tough days, and there are good days,” Changpeng Zhao, who is often known simply as CZ, told his followers via Twitter over the weekend. “We are always here.”
CZ’s bitcoin and cryptocurrency exchange Binance, the world’s largest crypto exchange by volume, has found success recently with its binance coin. Binance coin this month surged past stellar and tron to become the seventh largest cryptocurrency by market capitalization, with a total value of $2.2 billion, up from just $800 million at the start of the year.
Meanwhile, Blumer and the Winklevoss twins have indicated bitcoin and cryptocurrency will change the world.
“Over the next two decades, bitcoin will replace gold as the leading commodity to store value,” Blumer tweeted.
The prediction chimes with CZ’s bitcoin price expectations; if bitcoin were to match the gold market’s value of $7 trillion, each bitcoin would be worth around $333,000.
Elsewhere, in a wide-ranging interview with the Telegraph newspaper (paywall), the Winklevoss twins said bitcoin and cryptocurrency will eventually be bigger than Facebook and the social media-connected world the twins helped to create.
The Winklevoss twins founded the Gemini bitcoin and cryptocurrency exchange in 2014. GETTY
“In the first 10 years, a lot of people were like ‘Amazon isn’t competing with Barnes and Noble’. But we know how that played out. Cryptocurrency is so young, we are only a couple of years into this journey,” Cameron Winklevoss said. “Crypto is transferring value and putting markets on certain resources which is, like, greater, like, brings more people in, like, than, like, sharing photos, right.”
“Which is powerful. People want to connect and stuff, but if you actually pay people and things in value that is almost, like, more significant,” Tyler Winklevoss added.
The twins also weighed in on the planned Facebook cryptocurrency, which is expected to be a major driver of Facebook’s future revenue as governments around the world clamp down on how social media companies share users’ data with advertisers.
Tyler said it is “cool” that Facebook co-founder and CEO Mark Zuckerberg is entering the bitcoin and cryptocurrency world, while Cameron said that it is “really positive” that Zuckerberg might launch a digital coin pegged to the US dollar.
The bitcoin price has been on a long-term down swing, causing chaos for the burgeoning sector.COINDESK
The Winklevoss twins, who found global fame thanks to the Hollywood film The Social Network which detailed their battle with Zuckerberg for control of the company, added a new movie could shed light on the rise of cryptocurrencies and the change they will force on the world’s central banking system.
“Whatever we saw in the last 25 years, this movie could be bigger,”