First Bitcoin Billionaires: Winklevoss Twins
The twins Cameron and Tyler Winklevoss invested early in bitcoin, and thanks to this, they have been two of the first virtual coin billionaires. So let’s read their super successful story.
Before telling you the story, here’s what bitcoin is all about, according to the digital forex site:
It is a kind of virtual currency that uses peer-to-peer technology to operate without a central authority or banks. Transaction management and issuing of bitcoins is carried out collectively by the network. This coin is open source; its design is public and no one would own or control it. And at the same time everyone could participate.
Now the success story of the twin brothers – The beginning:
The Winklevoss brothers, today’s leading digital entrepreneurs, were Harvard students when they became world-renowned in 2011, suing Mark Zuckerberg for Facebook idea rights.
They won the lawsuit by obtaining $65 million, of which they used part to buy $11 million in bitcoins in 2013. How much was that? About 1% of all those in circulation at the time.
Now the reason for their fortune:
When the Winklevoss twins invested in bitcoin, the coin was trading at only $120. And at the time of writing this article, the value of single bitcoin was $17,800, according to Coindesk, an informative site on this technology.
So you can calculate the wealth of Winklevoss twins and laugh at yourself or become jealous of the twins or start thinking about investing in bitcoins.
(On a lighter note: Use a calculator. As your brain won’t be able to do such a huge calculation :):)
Such is the growth, that today bitcoin has a market capitalization of over $191 billion, according to the finance site Coinmarketcap. Among the most valued shares of this currency are the iconic McDonald’s hamburger chain, with $138 billion, investment bank Morgan Stanley, with $95 billion, and Target retailer $34 billion.
Bitcoin is now the world’s leading digital currency by market capitalization and will continue to be a leader in this space. And such is its growth of bitcoin that the market cap has now surpassed Citi, Goldman Sachs and Morgan Stanley and the whole economy of Qatar.
The market cap of bitcoin is $96.7 billion.