Gamble on Bitcoin Pays Off Handsomely For Winklevoss Twins
The story of the Winklevoss twins was immortalized in the movie "The Social Network". The "Winklevii", as they are also known, allegedly went to Mark Zuckerberg with the idea for a social network. Zuckerberg allegedly ran with the basic premise of the Winklevoss' idea, creating the behemoth that is now known as "Facebook".
The Winklevoss twins filed suit against Facebook and Mark Zuckerberg, alleging that Zuckerberg had stolen their idea and that they were entitled to compensation. A settlement would eventually be reached that saw Facebook pay out $20 million in cash and $45 million in Facebook stock.
That was win #1 for the Winklevoss twins.
Win #2? Investing in Bitcoin years ago when the cryptocurrency was worth a fraction of what it is now.
In 2013, the Winklevoss twins (Cameron and Tyler) revealed that they owned a little less than 1% of the Bitcoin in existence. It is rumored that the twins owned roughly 100,000 Bitcoins at the time.
The Winklevoss twins have remained deeply involved with Bitcoin, as they founded the Gemini Bitcoin exchange and unsuccessfully attempted to have a Bitcoin ETF approved by the SEC.
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The price of Bitcoin has been rising exponentially over the past couple of months due to a number of different factors.
Assuming that the Winklevoss twins still own 100,000 Bitcoins, this would mean that their stake in the cryptocurrency is now valued at $265 million, as the price of a single Bitcoin is currently trading for roughly $2,650.
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As I said - the Winklevoss twins win again.
Filed under: General Knowledge
