Zuckerberg challengers now bitcoin billionaires

Chelsea West
December 5, 2017

It was reported last week that NASDAQ could start offering Bitcoin futures contracts starting next year. Even JP Morgan's senior analyst Tom Lee has confirmed the optimistic estimates it wants to climb within five years to $ 25,000, endorsing his undisputed commercial success.

Tyler and Cameron Winklevoss, who sued Facebook's Mark Zuckerberg claiming he stole their idea for the social networking site, have invested and reaped a 10,000 per cent rise in the cryptocurrency to become billionaires.

However, the Winklevoss Twins are considered to be the first high-profile investors to reach a billion-dollar net worth of Bitcoin.

An $11m (£8m) bet on Bitcoin made by Tyler and Cameron Winklevoss over four years ago has ballooned by nearly 10,000pc after last week's price surge.

It hit a new record high of $11,831 on Sunday night according to CoinDesk's bitcoin price index, before dropping sharply and then stabilising on Monday morning. When this digital currency first came out, no one would have predicted the kind of success it would gain.

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According to reports, the twins described the cryptocurrency as "better than gold". (When they first invested, bitcoin traded at $120.) Their digital currency exchange, Gemini, which they launched in 2015, is now used all over the world, although their attempt to create an exchange-traded fund for bitcoin was rejected by the S.E.C., citing the possibility of fraud.

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.

LONDON, ENGLAND - OCTOBER 23: A visual representation of the digital Cryptocurrency, Bitcoin on October 23, 2017 in London, England.

There is also a steady increase in interest from institutional investors. This is the clearest indication that professional investors are looking at Bitcoin as a serious investment asset.

Other reports by TheSundaySentinel

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