Published: Tue, December 05, 2017
Markets | By Noel Gibbs

Winklevoss Twins: The First Verified Billionaire Bitcoin Holders?

Winklevoss Twins: The First Verified Billionaire Bitcoin Holders?

The twin brothers who claim Mark Zuckerberg stole their idea for Facebook are now Bitcoin billionaires.

While the precise date of the Winklevii bitcoin purchase is unknown, the cryptocurrency was trading for under $250 for most of the year - and under $150 for several months.

Yesterday, bitcoin hovered close to an all-time high of US$11,800 set on Sunday after the United States derivatives regulator allowed CME Group and CBOE Global Markets to list bitcoin futures.

The twins are believed to be the first investors to become billionaires off Bitcoin, though they've never sold a single unit. At that time, one coin traded for only around $120.

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According to reports, the twins described the cryptocurrency as "better than gold".

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

It has been a rollercoaster ride for the digital currency in the past week. The Telegraph noted that the Winklevoss twins have been long-term Bitcoin bulls.

The Winklevoss twins also founded the Gemini exchange. "By working with the team at CBOE, we are helping to make bitcoin and other cryptocurrencies increasingly accessible to both retail and institutional investors", said Tyler. They've spent much of the last two years attempting to launch their own bitcoin exchange, a dream that was dashed by the Security and Exchange Commission this spring in its latest regulatory hurdle.

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Of course, the other side of the argument suggests that bitcoin's value is peaking, and a sharp decline is inevitable.

An increasing number of countries are now getting regulators to look at bitcoin and investing in blockchain, which legitimises the cryptocurrency.

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

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