The Winklevoss Twins have suggested that the leading cryptocurrency Bitcoin [BTC] is a better investment than gold as the precious metal’s supply will increase after Elon Musk starts mining asteroids.
Within an interview with internet personality and Barstool Sports founder David Portnoy, the Winklevoss Twins revealed that Bitcoin might be a better investment than gold as gold doesn’t have a fixed supply:
“There’s billions of dollars of gold floating in asteroids around this planet, and Elon [Musk] is gonna rise up there and begin mining gold. […] That’s why gold may be a problem, because the availability isn’t fixed like Bitcoin.”
Portnoy reasonably asked, “Is that, like, a true statement?” to which the founders of Gemini cryptocurrency exchange replied, “yeah.”
To further reiterate the thought that gold is inferior to Bitcoin, one among the twins said that “gold is for boomers” adding that Bitcoin is “the only fixed asset within the galaxy.”
Space mining isn’t a very new idea, actually Planetary Resources — a firm getting to mine asteroids for profit founded in 2016 – has thus far raked in $50.3 Mln consistent with company data website Crunchbase. As reported earlier in 2018, the firm was later acquired by Ethereum-focused blockchain firm Consensys.
On the other hand, some predict that with further development of spaceflight technology we could soon see a new space race between private firms that are looking to mine minerals in space. CNBC suggested earlier in May 2018 that materials lying within the belt of asteroids between Mars and Jupiter hold “wealth like over $100 Bln for each individual on Earth.”