Winklelvoss Twins Explain Musk's Plan For Gold Mining In Space To Dave Portnoy

In an interview with Dave Portnoy of Barstool Sports, the Winklevoss twins said buying gold is risky because Tesla Inc TSLA CEO Elon Musk has a plan to mine gold in outer space and flood the market with supply.

What Happened: Portnoy posted a video of his meeting with Tyler and Cameron Winklevoss, founders of the Gemini cryptocurrency exchange, on Twitter.

Portnoy recently invited the Winklevoss brothers to his house to teach him about bitcoin, according to a tweet posted on Aug. 4.

The Winklevoss brothers openly discussed why they believe Musk has huge plans to mine gold in asteroids. 

This may sound a little far-fetched, and people once used to see asteroid mining as a bit of a joke. But according to Peter Ward, author of "The Consequential Frontier," a book about space privatization, "the commercial space industry is maturing to the point where it’s more serious."

The private industry is looking into asteroid mining for both water and metals. The mining of metals could prove to be a real source of profit.

Why It’s Important: The Winklevoss duo have their own agenda for making the statement. They have previously stressed that they see bitcoin as "better than gold," with the brothers hoping to launch a bitcoin ETF.

Watch the talk, and Portnoy's reactions, in the tweet below:

Thoughts @elonmusk pic.twitter.com/w4a4Mjs0Cy

— Dave Portnoy (@stoolpresidente) August 13, 2020