Microsoft founder Bill Gates recently stated that he would short Bitcoin “if there was an easy way to do it.” In response to Gates’ comments, which came during the morning news show Squawk Box, Tyler Winklevoss tweeted:
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
As Tyler has noted and explained in the tweet above, it is in fact “easy” to short Bitcoin.
Not Difficult to Short Bitcoin
In December 2017, when the crypto market reached record-level highs Bitcoin futures qere launched. Bitcoin futures, as the name implies, allow investors to place bets on the future price of the flagship cryptocurrency through online brokerage firms such as Interactive Brokers or TD Ameritrade. Chicago Board Options Exchange (Cboe), the largest US options exchange, launched Bitcoin futures on December 10th, 2017. The Cboe now reports that nearly 10,000 XBT/USD contracts have been issued.
CME Group, the world’s leading financial market firm, also launched its own Bitcoin futures contracts on December 17th, 2017. Meanwhile, Nasdaq Inc. intends to offer BTC futures this year as well. Clearly, there are now a number of easy ways to short Bitcoin and several other crypto enthusiasts have responded to Gates’ comments as well. Here’s one from Twitter user @cryptomanran:
Let me help you.— Ran NeuNer (@cryptomanran) May 8, 2018
1. Open an account at a CME broker
2. Look for XBT/USD futures
3. Select number of contracts - press sell.
4. Get Rekt.
5. Call @WarrenBuffett and ask him to do the same.https://t.co/NiMYXBaIX4
The @cryptomanran Twitter handle has nearly 70,000 followers and belongs to Ran NeuNer, host of CNBC Africa’s Crypto Trader show. As shown in his tweet above, it’s quite simple to get a Bitcoin futures contract.
Billionaire Warren Buffett Ignorant About Crypto As Well
Berkshire Hathaway founder and billionaire Warren Buffett has also criticized Bitcoin and other cryptocurrencies. In fact, he has called Bitcoin “rat poison squared” and added that cryptocurrency is similar to gold in that it’s highly speculative and inot a good investment choice. According to Buffett, traditional stocks are the most reliable and profitable type of investment.
the Berkshire Hathaway annual meeting, Buffet remarked, "if you had bought gold at the time of Christ and you figure the compound rate on it, it's a couple tenths of a percent." His comments imply that purchasing Bitcoin will not result in sizable profits for the investor. Previously, the 87-year-old billionaire also predicted that cryptos would have a very “bad ending”. He also added however, that he knew nothing about them. It’s seems here that neither Bill Gates nor Warren Buffett know what they are talking about since they clearly appear to have not done their research.