Bill Gates said he would short Bitcoin if it was possible, the Microsoft co-founder was challenged by Tyler Winklevoss to put his money where his mouth is.
Bitcoin has always been criticized by big names and that’s nothing new. After Warren Buffet, Jamie Dimon and now Bill Gates.
On CNBC’s Squawk Box he stated “As an asset class, you’re not producing anything and so you shouldn’t expect it to go up” he added “It’s kind of a pure ‘greater fool theory’ type of investment and I would short it if there was an easy way to do it.”
Tyler Winklevoss, the founder of Gemini, a well know crypto exchange and openly challenged Bill Gates to short Bitcoin and live up to his word.
Bitcoin price shot up to $20,000 mark in December after CBOE started offering Bitcoin futures contracts. Shortly after that in January Bitcoin fell as low as $6,600.
Most investors went long before Bitcoin futures being offered backing on the price rise but shorters entered the market and resulted in the price to lower resulting in the recent decline.
Even after this, the Winklevoss twins believe that the price will rise in comparison to the gold. The value of the total gold mined is about $7 trillion whereas Bitcoin has a market cap of only $156 Billion according to coinmarketcap.