Known for Zuckerberg's rivalry twins become 1st bitcoin billionaires
05 December, 2017, 02:23 | Author: Lester Mason
Bitcoin has grown exponentially since: Fortune reports that, when the Winklevosses first invested, the cryptocurrency was trading at $120 per coin, a far jump from the more than $11,000 it has reached today. Even JP Morgan's senior analyst Tom Lee has confirmed the optimistic estimates it wants to climb within five years to $ 25,000, endorsing his undisputed commercial success. Cameron and Tyler Winklevoss, who are somewhat infamous for suing Mark Zuckerberg for allegedly "stealing" their Facebook idea, revealed back in 2013 that they owned $11 million worth of Bitcoin. Gemini was among the first "regulated and licensed digital currency exchanges" in the developed world, according to FT. And just last week it returned them 10,000%!
The digital currency retraced some of its gains Sunday after hitting the peak.
The twins, who were nicknamed Winklevii, invested early on in Bitcoin and their purchase allowed them to control almost 1 percent of bitcoins. When it hit $11,000 this weekend, such a stake... "Still, the twins" early comments about bitcoin appear to have been prescient.
The identical twins - who were made famous in movie The Social Network - reportedly bought 1 per cent of all bitcoin in circulation at that time.
The question now is, will they sell?
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There is also a steady increase in interest from institutional investors.
However, it seems Bitcoin's huge popularity is slowly gaining traction among private entities and financial regulators. The news broke barely days after NASDAQ's rival CME Group confirmed that it will allow Bitcoin futures contracts as of December 18th this year.
Bitcoin has attracted interest from both ordinary investors and institutions.
Whether this will affect how the coin is traded remains to be seen. Winklevoss's, however, are the first public figures to have made a billion out of the currency.
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