December 05, 2017

The Winklevoss Twins Become The World’s First Bitcoin Billionaires

by Neha Monga

The Winklevoss brothers, who sued Facebook founder Mark Zuckerberg claiming that he stole the idea for Facebook, are believed to be among the first Bitcoin investors to have become billionaires.

The twins, Cameron and Tyler Winklevoss, launched numerous lawsuits against Zuckerberg, a conflict that was also dramatized in the film The Social Network, and got about $65m pay-out from the law suit.

In 2013, the twins used $11m of the settlement to buy roughly 1 percent of the world’s supply of Bitcoin in March 2013, when one coin was worth around $120.

So, when Bitcoin reached $11,395 last week, it may have also produced its first billionaires, the Winklevoss brothers. The cryptocurrency has ballooned by almost 10,000 percent, since the brothers invested in it about four years ago.

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Although the hoard has not been disclosed, but it is estimated to be around 100,000 Bitcoins, which is worth over a million at the currency’s last week surge.

Despite controversy surrounding the long-term implications of investing in bitcoin, the twins say they’re committed to the digital currency. “We’ve never sold a bitcoin, we’re in it for the long haul,” Cameron Winklevoss said two years ago.

Tyler Winklevoss has also claimed that bitcoin will ultimately be more impactful than Facebook. “Bitcoin potentially could be more impactful because being able to donate $0.50 to someone across the world has more impact than potentially sharing a picture,” he said in an interview in 2014.

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Though the Winklevoss have become billionaires, they still have a long way to go to catch up with Zuckerberg, their former rival.

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