February 23, 2018

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The first billionaires of Bitcoin are twins!

05 December 2017

The 36-year-old brothers lost their case against Mr Zuckerberg but received a settlement of US$65 million (S$87.6 million) and used US$11 million of it to invest in bitcoin back in 2013, meaning they were early backers of the cryptocurrency.

The twin brothers who sued Mark Zuckerberg claiming he stole the idea for Facebook are worth more than $1bn after capitalising on the astonishing rise in Bitcoin.

"If you like gold, there are many reasons you should like Bitcoin", Cameron said.

The digital currency hit an all-time high of $11,773.83, up 8% on the day, according to CoinDesk.

Their bet paid off hugely, with bitcoin having soared over 10,000 per cent after last week's price surge.

LONDON, ENGLAND - OCTOBER 23: A visual representation of the digital Cryptocurrency, Bitcoin on October 23, 2017 in London, England.

Whilst the legitimacy of the digital currency continues to be debated, the Winklevoss twins were firm believers in taking a punt, telling the Telegraph in a past interview that it's "like a better version of gold", with the potential to reach the value of trillions. At that time, one coin traded for only around $120. The Telegraph noted that the Winklevoss twins have been long-term Bitcoin bulls.

"We've never sold a bitcoin, we're in it for the long haul", Cameron added.

There is also a steady increase in interest from institutional investors.

The twins invested some of the settlement money - around A$14million - in Bitcoin in 2013. Last week it emerged that exchange operator Nasdaq could follow rival CME Group in launching bitcoin future contracts next year, a sign that professional investors are increasingly taking the asset seriously.

What the Winklevii is are two people now holding just over $1 billion worth of bitcoin, and that's fantastic.

The first billionaires of Bitcoin are twins!