They See Me Rollin’: How Winklevoss Twins ‘Turned Ridicule’ Into Bitcoin Fortune
AP Photo/ Evan AgostiniBusiness19:48 20.12.2017Get short URL130
The Winklevoss twins, Cameron and Tyler, hit the headlines earlier this month when they became the first Bitcoin billionaires. They proved many people in the Silicon Valley and Wall Street wrong with their risky bet on the cryptocurrency.
According to an article published by The New York Times, “The Winklevoss twins have carved an unorthodox path toward fame in the American business world.”
The two brothers came into the spotlight for their legal battle with Facebook founder Mark Zuckerberg when they accused him of stealing their concept of a social network some years ago.
The parties came to an agreement, with Zuckerberg reportedly paying $65 million to the twins. They used that amount to invest into Bitcoin back in 2013.
Since then, the price of a coin has seen nearly a hundredfold increase making the brothers instant winners and billionaires.
“The soaring value of Bitcoin in recent months is giving the brothers a moment of vindication, and quite a bit more than that: Their Bitcoin stockpile was worth around $1.3 billion on Tuesday,” according to The New York Times article.
The two brothers saw the potential in Bitcoin back when many experts and investors were still too skeptical to invest.
As the NYT article suggested, “More than a few people in Silicon Valley and on Wall Street saw the towering twins as the naïve – if chiseled – faces of the latest tulip bulb mania. Many still do.”
However, the twins believed in their investment and stood by it even when the future of cryptocurrency looked wobbly.
“We’ve turned that laughter and ridicule into oxygen and wind at our back,” Tyler Winklevoss said in an interview with the publication last week.
The Winklevoss twins also explained that they are not planning to cash in or diversify their investment any time soon.
“We still think it is probably one of the best investments in the world and will be for the decades to come,” Tyler Winklevoss said. “And if it’s not, we’d rather live with disappointment than regret,” NYT reported.
Apart from Bitcoin the twins have also collected some $350 million worth of another cryptocurrency, Ethereum.
Their company Gemini, which deals with virtual currency exchanges, is valued at about $2 billion. However, despite all their riches the twins are said to live a relatively modest lifestyle.
While they both own apartments in downtown Manhattan, according to the publication, the twins don’t splurge on luxuries – Cameron drives an old SUV while Tyler apparently doesn’t own a car at all.
Bitcoin is one of the most popular cryptocurrencies, which has no material form, but gives users a method of making payments for goods and services online.
It was first introduced in 2009 as an independent alternative to government-backed currencies.