The Winklevoss Twins Now Bitcoin Billionaires

05 December, 2017, 02:20 | Author: Franklin Nunez
  • Bitcoin billionaires: Winklevoss twins' $11m bet on digital currency is now worth $1 billion

The 36-year-old brothers lost their case against Mr Zuckerberg but received a settlement of US$65 million (S$87.6 million) and used US$11 million of it to invest in bitcoin back in 2013, meaning they were early backers of the cryptocurrency.

Brothers Cameron and Tyler Winklevoss, whom Mark Zuckerberg once promised to "f-k. probably in the ear" over their claim that they generated the idea for Facebook, and who were subsequently immortalized in The Social Network, have long dreamed of getting even with their former Harvard classmate.

An $11m (£8m) bet on Bitcoin made by Tyler and Cameron Winklevoss over four years ago has ballooned by nearly 10,000pc after last week's price surge.

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Bitcoin, the original digital currency of the world wide web, has spawned its first billionaires, the Winklevoss twins.

Yesterday, bitcoin hovered close to an all-time high of US$11,800 set on Sunday after the U.S. derivatives regulator allowed CME Group and CBOE Global Markets to list bitcoin futures. Despite sharp falls in prices recorded last week, the cryptocurrency appears to have rallied over the weekend.

The twins, who were nicknamed Winklevii, invested early on in Bitcoin and their purchase allowed them to control almost 1 percent of bitcoins. Their initial investment saw them inject US$11 million into the digital asset to an estimated stake of around 100,000 Bitcoins. One of the key benefits that Bitcoin offers is the possibility of quick big gains.

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The question now is, will they sell?

The twins invested some of the settlement money - around A$14million - in Bitcoin in 2013.

In August, Tyler Winklevoss stated that Gemini and his partners are focused on providing liquidity and a trading platform for institutional and retail investors.

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What the Winklevii is are two people now holding just over $1 billion worth of bitcoin, and that's fantastic.

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