Bitcoin Critics Are Afraid to Bet Against It
A lot of economists, bank executives, and even some investors from the traditional financial industry publicly condemn Bitcoin, falsely describing the cryptocurrency as a fraud, a money laundering tool, and a bubble.
However, price trends in the Bitcoin futures markets demostrate, that all these skeptics only condemn Bitcoin in words, but in reality they massively invest in it.
Bitcoin futures on Cboe and CME are often traded above the average price of the cryptocurrency.
Winklevoss twins, who are considered to be the first ever Bitcoin billionaires, have challenged skeptics and critics to bet against Bitcoin, or, in other words, to open a short position, if they are so confident that Bitcoin price will fall in the long-term.
Until now, investors have not tend to bet against Bitcoin and have not put significant amount of money into short positions in the Bitcoin futures markets. As of January 2018, investors and critics have failed to financially express their confidence that Bitcoin price will drop.
Still, they do not want Bitcoin to become a recognized asset class, even if it has become one already. They do not want to accept it because it challenges the fundamentals that all these traditional economists have been building for many decades.
But these same people believes that Bitcoin price will not fall. At least, due to the growing liquidity of the cryptocurrency, an exponential increase of adoption of Bitcoin, and its recognition on the world market as a store of value, a medium of exchange, and a digital currency.