The Winklevoss Twins Are The First Known Bitcoin Billionaires

The Winklevoss Twins Are The First Known Bitcoin Billionaires

Cameron and Tyler Winklevoss, the identical twins famous for their legal battle with Mark Zuckerburg over the ownership of Facebook, have become Bitcoin billionaires following a surge in value of the currency over the past year, according to The Telegraph.

The Harvard University-educated rowing brothers sued the Facebook founder in 2004, claiming he stole their idea for the social networking site.

Although their action for control of the company was unsuccessful, they were awarded a settlement of $65m in 2008, out of which they used $11m to invest in Bitcoin at $120 a coin in 2013.

Their holding is now believed to be worth just over $1bn, according to the paper.

Even though the surge in value of Bitcoin has made many of its backers millions, the Winklevoss twins are believed to be the first public figures to have seen their investment hit $1bn.

Last year, the brothers launched a digital currency exchange called Gemini, which allows investors to buy and sell Bitcoin.

We see bitcoin as potentially the greatest social network of all,

Tyler Winklevoss told the Financial Times in 2016.

But journalist and analyst Joseph Young suggests other billionaire Bitcoin holders already exist.

Among them is Satoshi Nakamoto, the cryptocurrency’s mysterious inventor, who is estimated to own 980,000 Bitcoins, amassed from mining the cryptocurrency in its early days.

With the value of a single Bitcoin currently sitting at over $11,000, Nakamoto appears to have netted a fortune of over $11bn.

It has been a rollercoaster ride for the digital currency in the past week.

After surging past $11,000 on 29 November, Bitcoin’s value fell to nearly $9,000 in volatile trading, before recovering at the weekend. It hit a new record high of $11,831 on Sunday night according to the Bitcoin price index, before dropping sharply and then stabilizing on Monday morning.

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