Bill Gates Wants to Short Bitcoin, Tyler Winklevoss Calls His Bluff

09 May, 2018, 00:45 | Author: Barbara Daniel
  • Bill Gates Wants to Short Bitcoin, Tyler Winklevoss Calls His Bluff

Bitcoin, Munger went on to say, "reminds me of Oscar Wilde's definition of fox hunting: "The pursuit of the uneatable by the unspeakable".

It's certainly possible, then that Warren Buffett and Bill Gates may be wrong on Bitcoin price - and we've seen already that the currencies can explode in value.

"As an asset class, you're not producing anything and so you shouldn't expect it to go up", he said.

Even after Bitcoin tanked in recent months and is now trading lower by over 50 percent from the top, Bill Gates stated that he would short the cryptocurrency.

Early bitcoin investor Tyler Winklevoss tweeted back in invoice Gates to explain howto bet contrary to the cryptocurrency, immediately after the Micro-Soft co-founder said he would brief it whether he could.

By design, Bitcoin price and other cryptocurrencies like it are very hard to anticipate in terms of value.

Deciding exactly what is impacting the price of Bitcoin at any time is no science.

He also responded to a question from the audience about bitcoin by saying that it and other crytpocurrencies "will come to bad endings".

Buffett, who is the CEO of Berkshire Hathaway, has historically been a harsh critic on the cryptocurrency. Or have you moved onto other digital currencies? What this means is that value is only derived because another person (the greater fool) is willing to pay a higher price.

However, in December, two regulated United States exchanges - CBOE and CME - launched conventional bitcoin futures products, enabling bulls and bears alike to stake out their bitcoin positions in a secure marketplace. While both Buffett and Munger have been consistent in their criticism of bitcoin, Gates' recent comment shows a change in his opinion on the cryptocurrency.

Bill Gates concluded that the underlying blockchain technology is very important, but cryptocurrencies themselves are worthless.

"I like cryptocurrencies a lot less than you do", Munger told Buffett at a Berkshire Hathaway shareholders meeting this weekend.

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