The Winklevoss Twins Now Bitcoin Billionaires

The Winklevoss Twins Now Bitcoin Billionaires

During the ascension of the social media platform in the early decade of the 2000s, Cameron and Tyler Winklevoss were engaged in a high profile legal battle with Zuckerberg over who had come up with the idea for Facebook.

So follow along. The Winklevoss twins, who became better known following the movie about the beginnings of Facebook "The Social Network" sued Facebook claiming they were the actual creators, way back in 2008.

The Telegraph said that, after ups and down, the bet started to pay off in Bitcoin's most recent surge about a year ago and unprecedented acceleration in recent days.

Concern over Bitcoin's volatility has not slowed down its rapid rise, and the Winklevoss twisn have been vocal supporters of the cryptocurrency. Winklevoss's, however, are the first public figures to have made a billion out of the currency.

For $ 11 million, the brothers bought around 100,000 bitcoins, which then was approximately 1% of the turnover of all digital coins.

Winklevii tried to create an ETF or an Exchange Traded Fund for the cryptocurrency, which would have opened it up to institutional investing.

"We see bitcoin as potentially the greatest social network of all", Mr Tyler Winklevoss told the Financial Times a year ago.

The two former Olympic rowers disclosed in 2013 that they owned $11 million worth of bitcoin.

That election was regarded with skepticism: "To say highly speculative would be the understatement of the century", Steve Hanke, an alternative-currency specialist, told The New York Times at the time. The digital currency hit a new high of $11,826.76 a coin on Sunday, according to data from Markets Insider, surpassing its previous high of about $11,300. "We do feel those are very real possibilities".

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