How Facebook made the Winkevoss twins Bitcoin BILLIONARES!
How Facebook made the Winkevoss twins Bitcoin BILLIONARES!
Cameron Winklevoss and his brother Tyler Winklevoss
04 December, 2017, 18:34
An $11m (£8m) bet on Bitcoin made by Tyler and Cameron Winklevoss over four years ago has ballooned by nearly 10,000pc after last week's price surge.
The Winklevoss Twins, who became famous when they sued Facebook founder Mark Zuckerberg in 2004, are now officially Bitcoin billionaires as bitcoin trading surged over 10,000 percent during the final week of November.
Last week, the digital currency hit $11,395 to continue its drastic rise in value over the past few days.
Bitcoin has been extremely volatile so the 36-year-old twins' billionaire status may be short-lived.
Although their action for control of the company was unsuccessful, they were awarded a settlement of $65m (£48m) in 2008, out of which they used $11m to invest in bitcoin at $120 a coin in 2013, The Telegraph reported.
It was a total of 1% of all the Bitcoins mined at the time.
"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. On Monday, the United States derivatives regulator has allowed CME Group and the CBOE Global Markets to list Bitcoin futures.
However, the parties have reached an agreement, with Zuckerberg reportedly paying some $65 million to the Winklevoss twins. The real life drama would eventually spawn the David Fincher film known as The Social Network which starred Armie Hammer as the Winklevoss twins (he played both).
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