Winklevoss Twins Used Facebook Payout to Become Bitcoin Billionaires

05 December, 2017, 02:20 | Author: Terri Saunders
  • Cameron and Tyler Winklevoss’s investment in Bitcoin has paid off

Four years later, they invested $11 million of it to buy 1 percent of all now mined Bitcoins, according to reports. 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.

The American twins who reached a mooted $65 million settlement with Facebook after claiming Mark Zuckerberg stole their idea are said to have become bitcoin billionaires.

The astonishing rise of Winklevoss twins comes on the back of astronomical rise of Bitcoins. And just last week it returned them 10,000%! Despite sharp falls in prices recorded last week, the cryptocurrency appears to have rallied over the weekend.

The digital currency hit an all-time high of $11,773.83, up 8% on the day, according to CoinDesk.

Bitcoin's stratospheric rise follows the digital currency's embrace by mainstream trading platforms
Winklevoss Twins Used Facebook Payout to Become Bitcoin Billionaires

The digital currency retraced some of its gains on Sunday after hitting the peak. The Winklevoss twins are definitely getting their money's worth. The Telegraph noted that the Winklevoss twins have been long-term Bitcoin bulls. In other words, they bought 11,000 Bitcoins.

Interestingly, the venture capitalists pointed out that they have not sold a single bitcoin yet, with Cameron Winklevoss stating that the two of them are in for the long haul.

After surging past $11,000 on 29 November, bitcoin's value fell to almost $9,000 in volatile trading, before recovering at the weekend.

In August, Tyler Winklevoss stated that Gemini and his partners are focused on providing liquidity and a trading platform for institutional and retail investors. 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. So yeah, looks like virtual currencies are here to stay. It is believed to be the first billion-dollar return made by a cryptocurrency investor, a landmark moment for the controversial asset.

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