The Winklevoss Twins of the “The Social Network” and “Bitcoin Billionaires” fame have said Elon Musk wants to mine gold from space.
They tried to convince Barstool Sports blogger David Portnoy that Bitcoin, with its limited supply, was a better investment.
Making It Rain
In a Twitter video on Friday, the Winklevoss Twins tried to explain that gold was not a great hedge against the dollar. While the dollar keeps being printed, gold only exists in limited amounts… at least on Earth.
— Dave Portnoy (@stoolpresidente) August 13, 2020
Furthermore, the twins suggested that Elon Musk was in fact planning to travel into outer space and mine asteroids for Gold. They described that prospect as literal showers of gold. When that happens, the price will drop as supply skyrockets. That’s the idea, anyway.
In contrast, Bitcoin (BTC) has a fixed supply. How good will gold look when it’s falling from the sky?
Portnoy, for his part, seemed both confused and flabbergasted. With slight smirks, the Twins laid out their pro-BTC theory. They kept their poker faces on just enough to cast doubt as to whether or not they were joking.
Why So Serious?
The twins put it bluntly:
So, there’s billions of dollars of gold in asteroids floating around this planet. And Elon is going to get up there and start mining gold. And it’s going to fall from the sky.
“Is that, like, a real statement?” the confused Portnoy asked. The Gemini executives responded that it was.
Mark Jeffrey, an author, and entrepreneur, referenced his 2015 book “The Case for Bitcoin” where he discusses gold space mining. He claims he almost left that part out, because it sounded, “too insane.”
YES. From my 2015 book, "The Case For Bitcoin".
I almost left this out, thinking it sounded too insane. pic.twitter.com/CCn77orH28
— Mark Jeffrey
(@markjeffrey) August 14, 2020
Other users were not convinced about the viability of space mining. The overheads would be “astronomical.” Even the Galactic Trader, a self-described casual stock trader, weighed in.
On the other hand, some questioned the veracity of the Twins’ argument. They said Bitcoin was the only fixed asset in the galaxy. This is not strictly true.
Be that as it may, space mining does not seem to be all that outlandish. Scientists have already discovered asteroids ripe for mining.
In May Tesla and SpaceX founder Elon Musk successfully saw the launch of a Falcon9 ship into space. Outer space. With astronauts. Wanting to be the first private company to send people into space, that’s understandable. But for a business executive, there has to be something in it for him besides just being totally cool.
After all, why else would Elon Musk want to take a trip into space? Mr. Musk did not respond to the video on Twitter.