After Cameron and Tyler Winklevoss won a multi-million dollar lawsuit against Facebook-they claimed their old college pal Mark Zuckerberg had stolen the idea for a social network, as made famous by the movie The Social Network-they invested heavily in the then-budding cryptocurrency. The cryptocurrency had crossed the closely watched $10,000 figure Tuesday and topped $11,000 Wednesday, only to drop more than $1,000 in a few hours amid high trading volume that exchanges initially struggled to keep up with. When it hit $11,000 this weekend, such a stake...
Bitcoin bulls say that this same question has been asked every time Bitcoin has hit a new all-time high. The Winklevoss twins are definitely getting their money's worth. A likely candidate: the mysterious father of bitcoin, known as Satoshi Nakamoto, who was the first to mine bitcoin at a time when it was far easier to unlock the cryptocurrency. In 2016, Gemini became the world's first licensed digital currency exchange.
Firstly, who? Aside from the villainous Bond names, the Winklevoss twins actually rose to fame thanks to one Mark Zuckerberg.
The identical twins, who competed as rowers in the 2008 Beijing Olympics, have said recently they haven't sold any bitcoins since their initial purchase.
There is also a steady increase in interest from institutional investors. While some bitcoin users were afraid that Silk Road represented a significant amount of spending in the cryptocurrencies, the twins saw opportunity. The news broke barely days after NASDAQ's rival CME Group confirmed that it will allow Bitcoin futures contracts as of December 18th this year. At today's price of $11,200, 100,000 bitcoins are worth $1.12 billion. So yeah, looks like virtual currencies are here to stay. After all, we already have our first Bitcoin billionaires.