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‘Bitcoin will be bigger than Facebook’

20 May, 2014

Speaking to the Guardian the Winklevoss twins say Bitcoin could be bigger than Facebook:

Bitcoin potentially could be more impactful because being able to donate 50 cents to someone across the world has more impact than potentially sharing a picture,” he explains. “But they’re very different. Facebook is like the internet – a large company and an application. Bitcoin is a protocol for decentralisation, so you could build a decentralised company on top of it, a stock market. It’s an internet of ownership, so it’s not quite a direct comparison.” In the same way Facebook encouraged us to be socially open, bitcoin encourages us to be financially open.

The twins also predict that large financial institutions will get involved in the protocol this year:

If a new technology comes out and the incumbent doesn’t evolve, then they generally lose. When it gets to tipping point it’s usually not a long fight. It’s a category killer.

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