Bitcoin billionaires: The digital currency is no bubble

MARIA: WELCOME BACK.

THE WINKLEVOSS TRANSDUCED TO BE SYNONYMOUS WITH FACEBOOK NOT IN A MARKET AFTER MISSING $11 BILLION IN THEIR FACE LOOKS BITCOIN IN 2013 NOW CLAIMING TO BE THE WORLD'S FIRST BITCOIN BILLIONAIRES.

THEY WOULD NOT TELL ME HOW MUCH THEY ALL AND AT FIRST ON FOX INTERVIEW I ASKED THEM ABOUT THEIR NEW BITCOIN FUTURES EXCHANGE AT THE CBOE — CBOE AND WHAT IT MEANS MOVING FORWARD.

>> THIS IS THE FIRST-EVER BITCOIN FUTURES TRADING RIGHT NOW THIS MORNING ON THE FUTURES EXCHANGE.

SO IT IS IMPORTANT BECAUSE TO FIRST TIME PEOPLE CAN EXPRESS EASILY A SHORT POSITION ON BITCOIN.

SO THAT WILL CREATE A TRULY TWO-SIDED MARKET, WHICH SHOULD REDUCE VOLATILITY IN THE LONG TERM AND ALSO INCREASE PRICE DISCOVERY AND JUST MAKE IT EASIER FOR INSTITUTIONS AND INDIVIDUALS TO GAIN ACCESS AND EXPOSURE TO BITCOIN WITH THE CONTRACT HE DOES IT IS CACHED SCHEDULED TO COME BY WITH CASH AND SCHEDULE ADDING CASH.

YOU DON'T HAVE TO ACTUALLY DEAL WITH BITCOIN BUT YOU CAN GET THE INVESTMENT EXPOSURE TO IT.

JUST ANOTHER FINANCIAL PRODUCT AN EASIER WAY TO GET ACCESS.

MORNING SHOW PEOPLE CAN PUT THEIR MONEY WHERE THEIR MOUTHS ARE BECAUSE YOU'VE GOT PEOPLE LIKE JAMIE DIMON CALLING BITCOIN A FRAUD.

WE THINK IT'S A FRAUD, GO ASHORE AT.

>> WE'VE BEEN WORKING HARD TO GIVE JAMIE DIMON A FRAUD TOO CAN BET AGAINST IT.

>> YEAH, TALK IS CHEAP THAN ON HIS RIGHT NOW YOU CAN ACTUALLY, LIKE CAMERON SAID, BET, LIKE HIM INSIDE, DEAD AGAINST US.

WE WILL SEE WHAT HAPPENS.

BUT NOW THEY CAN DO IT INSTEAD OF THROWING STONES.

MARIA: TYLER COMING BY TO EXPLAIN THIS BECAUSE PEOPLE ARE WONDERING WHAT BITCOIN IS BACKED FAITH OF THE TREASURY AND THE U.

S.

GOVERNMENT.

SOME PEOPLE POINT TO AN INTRINSIC BOW YOU A BOLD BUT THAT DOESN'T EXPLAIN THE VALUE.

AN UNEXPLAINED 10% FROM A 15% OF THE VALLEY OF GOLD.

GOLD HAS VALUE BECAUSE WE ALL AGREE IT HAS VALUE AS WELL EXCEPT GOLD AND IT HAS A COLLECTIVE ACCEPTANCE AND VALUE THAT WAY.

BITCOIN IN ADDITION TO BEING INCREASINGLY ACCEPTED AROUND THE WORLD AND MORE PEOPLE COME INTO THE SYSTEM BY THE DAY HAS THE MINING NETWORK WHICH IS ONE OF THE LARGEST IN THE WORLD BACKED BY CRYPTOGRAPHY.

A LOT OF PEOPLE LOOK AT THE U.

S.

DOLLAR OR GOVERNMENT BACKED CURRENCIES AND SAY A THE GOVERNMENT HAS COUNTERPARTY REST.

THE AVERAGE LIFESPAN OF A CURRENCY IS ROUGHLY 27 YEARS.

LOOK NO FURTHER THAN THE ZIMBABWE DOLLAR.

THEY HAVE A TRILLION DOLLARS BILL.

THE HISTORY OF MOST CURRENCY IS THE U.

S.

DOLLAR AND SAY WHAT IS WRONG WITH THAT BUT IN REALITY, MOST CURRENCY IS OUT THERE FAIL.

MARIA: SO HOW MANY BITCOIN TO YOU BOTH ON? CANNOT WE ARE NOT COUNTING THAT RIGHT NOW.

>> WE ARE JUST TO TALK ABOUT THE BITCOIN CONTRACT.

WE MAY DISCUSS THAT LATER AT SOME POINT.

MARIA: LOOK, THIS PAST WEEK AND OPENS THE THOUSAND DOLLAR STAKE, 1000 CONTRACTS TRADED IN THE FIRST HOUR.

I'LL CALL TAPPING BECAUSE THE VOLATILITY IN THE WEBSITE CRASHED ON LESS THAN 24 HOURS.

WE KNOW THE CURRENCY HAS RISEN 1500% THIS YEAR.

2000% THIS YEAR.

MAYBE BITCOIN IS REAL, BUT IS IT 20th BUBBLE.

WE CAME IN FIVE YEARS AGO.

AT $30, $100, 500, 1000.

NOW WE'RE AT A BUBBLE OF 17,000.

GOLD HAS BEEN A BUBBLE FOR REALLY NOT CORRECT TO PUT YEAR AND A SAY IN THE NEXT YEAR IN THE STOCK PRICE GOES UP AND THE ECONOMIC PRODUCTIVITY HASN'T CHANGED, WE SEE THAT COMPANY IS OVERVALUED.

IT IS NOT A COMPANY.

IT IS A NETWORK IN THE VALUE OF NETWORKS IS AND SQUARED.

THE AMOUNT OF USERS IS END.

IF I'M THE ONLY PERSON IN THE WORLD U.

S.

A.

PHONE IS NOT REALLY VALUABLE I CAN'T CALL YOU.

IF YOU BUY A PHONE, YOU ACTUALLY KNOWING BECAUSE NOW IT IS USEFUL.

THE FIRST PERSON ON FACEBOOK LONELY PLACE, NOT MUCH TO DO.

ALL OF A SUDDEN 100 PEOPLE YOU CAN SHARE STORIES AND PICTURES.

MARIA: THAT'S A GOOD ANALOGY.

A BILLION PEOPLE AT THE BILLION SQUARE.

THAT ALL OF A SUDDEN THE VALUE DOLLAR IT HAS MORE VALUE.

PEOPLE BELIEVED IN BITCOIN IT AND THAT'S A LINEAR INCREASE BY DEFINITION THE MORE PEOPLE THAT GET INTO BITCOIN IT MAKES IT MORE VALUABLE.

Source: Youtube

Bitcoin billionaires: The digital currency is no bubble

Gemini co-founders Tyler Winklevoss and Cameron Winklevoss discuss why they believe bitcoin will surpass gold.