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Winklevoss Twins Are World’s First Billionaires from Bitcoin

Winklevoss Twins Are Worlds First Billionaires from Bitcoin

The Winklevoss twins, who up until now have been famous for suing Mark Zuckerberg over Facebook stating that he (Zuckerberg) stole their idea for Facebook, have become the first Bitcoin billionaires. Cameron and Tyler Winklevoss won $65 million from the Facebook lawsuit and invested $11 million of their payout into Bitcoin in 2013. Their portion of Bitcoin is currently worth over $1 billion after Bitcoin shot up $10,000 last week to now trade at $11,100 according to CoinDesk.

“If Bitcoin is a better gold or seen as a type of gold-like asset, then it could be in the trillions on a market cap,” Tyler Winklevoss told CNNMoney in 2015. “We do feel those are very real possibilities.”

In 2013, the Winklevoss twins stated to the New York Times that they owned more than $11 million worth of Bitcoin. This has made them the first well-known people to reveal such a heavy stake in Bitcoin.

According to the twins, they are committed to the digital currency. “We’ve never sold a Bitcoin, we’re in it for the long haul,” Cameron told CNN Money in 2015. “If Bitcoin is a better gold or seen as a type of gold-like asset, then it could be in the trillions on a market cap. We do feel those are very real possibilities,” Tyler also told CNN Money.

The twins have not sold a single of their Bitcoins, all while watching them grow in the value. When they invested in Bitcoins, the currency was trading at just $120. And as of Monday morning, a single Bitcoin’s value was $11,247, according to Coindesk.

The brothers also tried to create an ETF for Bitcoin, however fell short after the U.S Securities and Exchange Commission rejected the application, citing the possibility of fraud. Had they been successful, it would have opened the door to institutional investment in the Bitcoin currency.

Tanuja Thombre
Tanuja Thombre
A Soft Skills and Behavior Trainer by passion and profession, with 8 years of experience into Mortgage Banking sector. Currently I am working as a Training Consultant and I cater to the training needs across various industries. This also allows me to interact with, train and learn various aspects of human modes. Adorned with certifications from various institutes like Dale Carnegie & Steven Covey. I have a natural instinct for writing; every once a while, a Blog, a short article and in the future I plan to author a Book. When it comes to writing, I believe there is seldom anything as appealing as Simplicity.

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