The Winklevoss Twins are back in the news. This time, they’re explaining bitcoin and the concept of cryptocurrency to online day trader Dave Portnoy, who founded Barstool Sports and “literally has no idea what bitcoin is.”
The Winklevoss Twins Know What to Say
These are the words he said to his cameraman prior to an interview with the Twins. He later asked the man behind the machine, “Do you?” to see if anybody else shared his lack of knowledge on the world’s number one digital currency by market cap. Luckily, the Twins were there to explain the concept behind bitcoin and how users could potentially benefit from its properties.
In the interview, the Winklevoss Twins were quick to tout BTC and denounce gold. It’s not that they have anything against the precious metal, but it doesn’t have a fixed supply the way cryptocurrencies like bitcoin do. Furthermore, it can be found in virtually all corners of space… Literally.
Elon Musk – the famed CEO of both SpaceX and Tesla – has announced a new plan to begin mining gold from asteroids that cross through Earth’s atmosphere. How he’s planning to do this is anybody’s guess, but the fact remains that asteroids and space debris carry some of the most precious items known to man, gold being one of them, and the galaxy is filled to the brim, meaning there are virtually endless supplies of the asset in question.
Bitcoin, on the other hand, must be mined electronically. Thus far, roughly 18 million units have been extracted since the currency emerged in 2009 roughly 11 year ago. Now, there are only three million units left of bitcoin’s fixed 21 million units. While the final bitcoin won’t be mined until the year 2140 or somewhere around there, bitcoin remains a currency with a fixed amount to its name, meaning at some point, the world’s supply is going to run out. Thus, bitcoin remains far rarer – and more intriguing – to most digital traders with taste.
Why Doesn’t Gold Work?
The Winklevoss Twins explained to Portnoy:
Gold is a problem because the supply isn’t fixed like bitcoin… We think of bitcoin like internet gold. If [Elon Musk] mines all the gold on the asteroids, suddenly gold is worthless, and I think he will. There are billions of dollars of gold floating in asteroids around this planet. Elon Musk is going to destroy gold. [He’s] going to get up there and start mining gold. That’s why gold is a problem. The supply isn’t fixed like bitcoin. Gold is for boomers who don’t understand that.
The plan to begin mining asteroids first came to fruition through NASA, who began observing an object it’s calling Psyche 16. Allegedly, the asteroid has enough money to make everybody on the planet rich, and Elon Musk and SpaceX have been chosen to check it out first.