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Boost to Bitcoin: Elon Musk confirms asteroid mining is a risk to gold prices Boost to Bitcoin: Elon Musk confirms asteroid mining is a risk to gold prices

Boost to Bitcoin: Elon Musk confirms asteroid mining is a risk to gold prices

Yesterday, the crypto community watched in awe as the Winklevoss Twins met with Barstool Sports founder Dave Portnoy to inform him about Bitcoin.

Boost to Bitcoin: Elon Musk confirms asteroid mining is a risk to gold prices

Photo by Chris Henry on Unsplash

Yesterday, the crypto community watched in awe as the Winklevoss Twins met with Barstool Sports founder Dave Portnoy to inform him about Bitcoin.

There were plenty of funny (and awkward) moments during the brief meeting, but one that particularly stood out was when the twins told him that goldโ€™s scarcity is an illusion due to the possibility of โ€œElon Musk mining asteroidsโ€ in the near future.

Although Dave โ€“ and many commentators on Twitter โ€“ joked about this, the possibility may not be as far-fetched as it seems.

Elon Musk himself even confirmed this in a tweet to Portnoy earlier today.

Winklevoss Twins convince Dave Portnoy to buy Bitcoinย 

During a brief rendezvous with the Winklevoss Twins โ€“ early Bitcoin adopters and the co-founders of Gemini โ€“ the founder of Barstool Sports (widely known as El Presidente) purchased his first batch of Bitcoin.

In total, he claims to have purchased $200,000 worth of BTC on Gemini, as well as $50,000 worth of Chainlink.

In a subsequent tweet, however, he said he is โ€œ7 figures deepโ€ into Bitcoin โ€“ suggesting that he either purchased more afterward or is planning to.

Winklevoss Twins: Goldโ€™s scarcity is an illusion due to โ€œasteroid miningโ€

While speaking about the importance of owning hard assets that are underpinned by scarcity, the twins laid out a case to Portnoy for why BTC is a superior safe haven to gold.

Their argument was centered on a somewhat abstract concept of asteroid mining, noting that someday โ€“ in theory โ€“ Elon Musk or others could mine the immense amount of gold that currently exists within asteroids.

โ€œThereโ€™s billions of dollars of gold floating in asteroids around this planet, and Elon is gunna get up there and start mining goldโ€ฆ Thatโ€™s why gold is a problem because the supply isnโ€™t fixed like Bitcoin.โ€

Portnoy thought this was a joke and asked the twins multiple times if this is โ€œa real statement.โ€

Following the meeting, Portnoy tweeted at Elon Musk โ€“ asking the SpaceX founder for his thoughts on the statement.

Musk offered a one-word response to this, saying โ€œpsycheโ€ while linking to a Fox News article regarding NASAโ€™s quest to visit a gold-rich asteroid that could โ€œmake everyone on Earth a billionaire.โ€

It seems this made Portnoy even more bullish on Bitcoin, as 20 minutes laterย he demandedย in a post that Bitcoinโ€™s price rise to $12,000.

Whether or not any of this widespread publicity pushes the price of the benchmark cryptocurrency higher remains to be seen. Still, it is certainly helping to expose more people to BTC than ever before.

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