Winklevoss Twins Turn $11M Into $1B Bitcoin Fortune

05 December, 2017, 02:20 | Author: Valerie Burke
  • Winklevoss bros are first verified bitcoin billonaires

The twin brothers who sued Mark Zuckerberg claiming he stole the idea for Facebook are worth more than $1bn after capitalising on the astonishing rise in Bitcoin. Four years later and the $11 million they invested is now worth more than $1 billion after Bitcoin exploded past $10,000 last week.

Today, they were named official Bitcoin billionares as BTC's price hit $11,700.

The Winklevoss twins helped turn bitcoin into a $1 billion baby - so perhaps it's fitting that they also become one of bitcoin's first billionaires.

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The Winklevoss Twins are among the first backers of Bitcoin, purchasing $11 million worth of bitcoins in 2011, which amounted to about 1 percent of the total amount of BTC in circulation at that time. The twin-brothers don't sell their assets intentionally as they regard Bitcoin as a long-term investment and a "better version of gold".

It has been a rollercoaster ride for the digital currency in the past week. They later also spent nearly $1 million to buy more bitcoin later in 2013, right after Silk Road, an illicit marketplace on the so-called dark web, was seized by the Federal Bureau of Investigation.

The meteoric rise of Bitcoin over the last few months has been simply unbelievable. As of 8.05 a.m. GMT (3.05 a.m. ET), bitcoin is up 2.79% against the dollar to $11,554.83. The Winklevoss twins are long-time bitcoin bulls and are investors in crypto exchange Gemini. "By working with the team at CBOE, we are helping to make bitcoin and other cryptocurrencies increasingly accessible to both retail and institutional investors", said Tyler. 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. Winklevoss's, however, are the first public figures to have made a billion out of the currency.

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