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Tyler and Cameron Winklevoss Become The First Bitcoin Billionaires

Reading Time: 2 minutes by on December 6, 2017 Bitcoin, Finance, News

There could be a Hollywood blockbuster made out of this set of twins who have now become what is believed to be the world’s very first bitcoin billionaires.

Olympics, Facebook, and Bitcoin

Identical twin brothers Tyler and Cameron Winklevoss have lived an interesting life to date. Back in 2008, the brothers competed in the Olympics in the rowing pair event, representing the United States. While they failed to win a medal, it was an amazing achievement nonetheless.

In 2009 the Winklevoss brothers sued the founder of Facebook Mark Zuckerberg, claiming that he had stolen the idea from them.

As a result of the court case, they managed to get a settlement that was worth approximately $65 million, of which they used roughly 15% to invest into bitcoin during 2013, which was almost one percent of the entire supply of bitcoin mined at that moment in time.

You probably know the rest of the story, as 2017 has been bitcoin’s. The cryptocurrency started the year at $1,000 until flying by $11,500 mark. Having held all of their bitcoin holdings over this period, these brothers have become the world’s very first bitcoin billionaires.

Supporters of Bitcoin

They have always seen bitcoin as being a better alternative to gold, and it has all nine of the same fundamental traits, matching them or even beating them on each of these.

In many ways, the twins predicted the inevitability of the digital currency’s move into the mainstream and this trend looks set to continue as it becomes more a part of the world population’s daily routine.

They first found out about bitcoin back in 2012 when they were holidaying in Ibiza, subsequently launching their marketplace for digital currencies in 2015 that was called Gemini.

Their goal with the Gemini marketplace was to have an exchange that mimics the likes of the NYSE. The significant difference being that the exchange would trade cryptocurrencies such as bitcoin instead of trading equities.

They saw this as a potential way to get more traditional financial firms involved in bitcoin investments as it would be a concept with which they were familiar with.

Returns on Investment

As they initially invested in bitcoin when the price was at approximately $120 per coin, they have seen a remarkable return on investment of roughly 10,000 percent since then.

In this period, they never sold a single bitcoin, which is how confident they were of the price continuously rising, despite it overcoming many hurdles along the way.

Unfortunately, the two are still quite far from the riches of Facebook’s Mark Zuckerberg, whose current net worth is almost $70 Billion. But if 2018 proves as prosperous for the bitcoin community as 2017, the Winklevoss twins may not need to wait long.

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