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Winklevoss Twins Used Facebook Payout to Become Bitcoin Billionaires

Tyler and Cameron Winklevoss—the brothers who attempted and unsuccessful to benefit control of Facebook after alleging that it had been appropriated from them—have rebounded big-time.

The Winklevoss twins possess one of a largest portfolios of Bitcoin in a world—and new surges in a digital currency’s value have put a value of that portfolio during over $1 billion. That’s an considerable lapse on an $11 million investment only 4 years ago.

The brothers have reportedly not sole a singular one of their Bitcoins, sitting on them and examination them accumulate value. And it’s been a overwhelming thing to witness: when a Winklevoss’s invested in Bitcoins, a banking was trade during only $120. As of Monday morning, a singular Bitcoin’s value was $11,247, according to Coindesk.

That investment income came from a $65 million a brothers’ won in a lawsuit opposite Facebook in 2011. The brothers had claimed Mark Zuckerberg stole their thought for a amicable networkwhile all 3 were undergraduate students during Harvard, a quarrel that was featured in a film aptly patrician The Social Network.

However, a twins have bigger designs on Bitcoin than only accruing resources in their holdings. Earlier this year, they attempted to emanate an ETF for Bitcoin, though fell brief after a U.S. Securities and Exchange Commission deserted a application, citing a probability of fraud. Had they been successful, it would have non-stop a doorway to institutional investing in a currency.

While a Winklevoss twins positively have reason to applaud a milestone, they’re still ways divided from fasten a rarified atmosphere their aged frienemy Mark Zuckerberg enjoys. Forbes puts his value during $71 billion.

Article source: http://fortune.com/2017/12/04/winklevoss-twins-bitcoin-billionaires/


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