The Bitcoin world has plenty of drama but also offers a good chuckle now and then. The Winklevoss twins are the first Bitcoin billionaires and they are quite pleased with this situation. In fact, they have challenged Jamie Dimon to short Bitcoin and puts his money where his mouth is. An interesting proposal, although it remains to be seen whether or not he will do so. After all, Dimon remains convinced Bitcoin is a fraud.
The Winklevoss twins have become iconic figures in the world of Bitcoin and cryptocurrency. This is for many different reasons, mind you. They operate the Gemini exchange, which has become rather successful. Moreover, they also invested in Bitcoin at an early stage, which made them billionaires. The brothers are now challenging JPMorgan CEO Jamie Dimon to a financial duel. More specifically, they ask him to short Bitcoin futures to back up his earlier claims.
Winklevoss Twins Challenge Jamie Dimon
A lot of people were shocked when Dimon called Bitcoin a fraud. A CEO of one of the worlds biggest box should refrain from making nonsensical comments. Having an opinion is one thing, but saying stupid things will come to haunt you in the end. The Winklevoss twins are doing exactly that thanks to this verbal challenge. They are even giving Dimon the opportunity to short Bitcoin. Moreover, they also invite anyone else who thinks BTC is in a bubble to short the price as well.
It is good to see such a move by the Winklevoss twins. Dimon has been eating his words ever since uttering that ridiculous statement. The Bitcoin price has only gained in value ever since. It is evident this will eventually reverse to a certain degree, but there will probably not be a major crash. Bitcoin futures have been well-received by the overall financial industry. More and more companies want to offer similar products moving forward. A futures contract allows people to speculate on the Bitcoin price going up or down.
How all of this will play out, remains to be seen. It is unlikely Dimon will even take note of this “challenge” let alone effectively put his money where his mouth is. He will probably keep spouting how Bitcoin is a Ponzi scheme and a tulip bubble and who knows what else In the end, he has been proven wrong once and it may very well happen again. Betting against Bitcoin is certainly appealing. However, one has to be prepared to suffer major financial losses as well.
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