Finance

Facebook payout turns Winklevoss twins into first Bitcoin billionaires

Facebook payout turns Winklevoss twins into first Bitcoin billionaires

Bitcoin's meteoric recent rise means Winklevoss twins' $11 million bet on the cryptocurrency in 2011 is now worth over $1 billion. While some bitcoin users were afraid that Silk Road represented a significant amount of spending in the cryptocurrencies, the twins saw opportunity.

Brothers Cameron and Tyler Winklevoss, whom Mark Zuckerberg once promised to "f-k. probably in the ear" over their claim that they generated the idea for Facebook, and who were subsequently immortalized in The Social Network, have long dreamed of getting even with their former Harvard classmate.

The Winklevoss twins did, and they just became billionaires on paper because of it. 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. "Still, the twins" early comments about bitcoin appear to have been prescient.




Bitcoin's rise comes amid continued interest in the digital currency from both ordinary investors and institutions. It is now clear that their optimism on the currency has certainly paid off. However, it seems that Bitcoin keeps surprising us every day. Institutional investors are basically funds and other investment organizations that raise money for investment in financial instruments.

On Sunday, Bitcoin hit a record high of $11,826.76 per coin, which would put the Winklevii investment at over $1 billion-the Telegraph reports that the twins never sold a single coin of what they initially put in. Last week it emerged that the exchange operator Nasdaq could follow its rival CME Group in launching bitcoin future contracts next year, a sign that professional investors are increasingly taking the asset seriously. In other words, they bought 11,000 Bitcoins. However, it looks like Bitcoin is here to stay.


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