One half of famed Bitcoin proponents, the Winklevoss twins, has responded to Bill Gates’ comments about shorting Bitcoin.
In a tweet posted today, Tyler Winklevoss explained to the billionaire Microsoft founder that there is already an option to short the digital currency using the Cboe Futures contracts launched last December.
Winklevoss: “Put Your Money Where Your Mouth Is!”
Yesterday, we reported on an interview hosted by CNBC’s ‘Squawk Box.’ During the conversation with Bill Gates, Warren Buffet, and Charlie Munger, Gates was asked about whether he owned any Bitcoin. He replied:
“Somebody gave me some for my birthday then a few years later I thought, ‘hey I’m going to sell that,’ so, no.”
He then went on to talk about the current speculative nature of Bitcoin before surmising that if there was an easy way to short Bitcoin then he would do exactly that.
Evidently, Gates hasn’t heard that Bitcoin Futures can be traded at the Chicago Board Options Exchange (Cboe). Fortunately Tyler Winklevoss was at the ready to set 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.
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
Cboe launched their Bitcoin Futures contracts to great anticipation last December. Whilst many in the Bitcoin community lauded the move for the legitimacy it would supposedly bring to the cryptocurrency space, the reality is that they haven’t proved anywhere near as popular as people hoped. Many institutional investors still remain wary of digital currencies such as Bitcoin.
Tyler and his twin brother Cameron are the founders of the aptly named Gemini cryptocurrency exchange. It’s their platform’s prices that the Cboe Futures exchange uses to settle their contracts each day. The two famously invested heavily into Bitcoin back in 2013. They originally entered the market when each coin was priced at around $120. Their $11 million investment has since multiplied in value many times and, assuming they haven’t converted any back to fiat, is currently worth about $834.17 million at today’s price of $9,192 per Bitcoin.
Earlier this year, Tyler expressed his frustration with regulatory bodies treatment of cryptocurrency. He said he felt that they had not moved quickly enough to deal with the emerging financial technology and that a considered approach from institutions such as the U.S. Securities and Exchange Commission (SEC) would allow digital currencies to flourish whilst discouraging scammers.