Gates would short Bitcoin
Bill Gates said the following about Bitcoin on CNBC’s “Squawk Box” this Monday:
“As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment,”
“I agree I would short it if there was an easy way to do it,”
Gates appears to be joining other mammoths of the business world in speaking ill of Bitcoin, with the investment legend Warren Buffett and his business partner Charlie Munger repeatedly bashing Bitcoin, in quite a bizarre manner.
Winklevoss strikes back
Tyler Winklevoss, one of the famous Winklevoss twins, is a known supporter of cryptocurrencies, notably Bitcoin, after he and his twin brother Cameron invested $11 million into Bitcoin in 2013. The twins are now thought to own around 1 percent of the entire supply of Bitcoin and own the successful cryptocurrency exchange, Gemini.
Tyler Winklevoss decided to call out Gates and urged him to put his money where his mouth is on Twitter this afternoon:
Dear @BillGates there is an easy way to short bitcoin. You can short #XBT, the @CBOE Bitcoin (USD) Futures contract, and put your money where your mouth is! cc @CNBC @WarrenBuffett https://t.co/4JIhF5vWsZ
— Tyler Winklevoss (@tylerwinklevoss) May 7, 2018
He draws attention to the fact that now it’s easy to short Bitcoin since the CBOE futures product launched last December. If Bill had done his research, he’d know that there’s also a CME product, as well as the option to short Bitcoin on many cryptocurrency exchanges.
Whether or not Gates will take the bait is anyone’s guess, although he likely has bigger fish to fry after the Gates Foundation pledged $158 million to fight poverty in the US last week.