Tyler Winkelvoss Dares Bill Gates to Short Bitcoin
One half of famed Bitcoin proponents, the Winklevoss twins, have responded to Bill Gates’ comments about shorting Bitcoin.
In an interview with CNBC on Monday, Microsoft co-founder and Berkshire board member Bill Gates said Bitcoin is “one of the craziest and most speculative things” he has seen. And he wished there was an easy way to short bitcoin so that he could take advantage of the opportunity.
“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,” he said. “I agree I would short if there was an easy way to do it.”
Now it seems the Microsoft co-founder may have to follow up on that, after Tyler Winklevoss, the founder of a prominent crypto exchange, Gemini, has challenged Bill Gates to short Bitcoin and put his money where his mouth is.
In a tweet, Tyler Winklevoss explained to the billionaire founder of Microsoft that there is an option to reduce the digital currency using the Cboe futures contracts launched last December.
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
Obviously, Gates has not heard that Bitcoin Futures can be traded at Chicago Board Options Exchange (Cboe). Fortunately, Tyler Winklevoss was ready to set up the anti-Bitcoin billionaire right.
The co-founder of the Gemini cryptocurrency exchange platform tweeted directly to Gates with the tip about the Cboe Futures contracts being available to bet on the price of Bitcoin decreasing, along with some encouragement for him to put his money where his mouth is.
CBOE began offering Bitcoin futures contracts in December last year, when BTC price was around the $20,000 mark. However, shortly thereafter the world’s largest cryptocurrency lost value and recently tested lows around $6,600.
Prior to Bitcoin futures being offered, it is assumed that most investors went long on BTC, banking on the price rising, but futures allowed shorters to enter the market in droves, resulting in the recent decline.
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