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Dec 05, 2017 11:22 AM IST | Source: Moneycontrol.com

Winklevoss twins, known for suing Zuckerberg, become first Bitcoin Billionaires

Each coin is now worth more than USD 11,413.46 as on Monday morning. The value of their investment would have reached around USD 1.046 billion yesterday.

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Bitcoin
Bitcoin

The Winklevoss twins, entrepreneurs famous for suing Facebook founder Mark Zuckerberg, are the first public figures to become Bitcoin billionaires.

According to a New York Post article, the twins are one of the early investors in Bitcoin. They put in USD 11 million in 2013, after getting USD 65 million in a lawsuit against Mark Zuckerberg. The twins alleged that Zuckerberg had stolen their idea for an online social media platform.

Bitcoin was valued at more than USD 250 for the most part of 2013, and under USD 150 per coin for a few months during the year. The report estimates that if they bought bitcoin when it traded at USD 120, they would have bought close to 91,666 bitcoin at the time.

Each coin was worth more than USD 11,413.46 as on Monday morning. The value of their investment would have reached around USD 1.046 billion yesterday.

Given that the valuation of Bitcoin has been extremely volatile over the past few months, their valuation could be short-lived. The twins also opened up a digital currency exchange called Gemini in 2015. It was the first currency exchange for Ether.

In an interview to the Financial Times in 2016, Tyler Winklevoss said, “We see Bitcoin as potentially the greatest social network of all.”

They saw its intrinsic value to be greater than gold in itself. “Our basic thesis for bitcoin is that it is better than gold,” says Tyler.

He compared the nine basic traits that make something valuable, such scarcity, durability and portability, stating “bitcoin matches or beats gold across the board”.
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