Sunday, May 19, 2013

The Winklevoss twins are Bitcoin bulls

The Winklevoss brothers' legal battle with Facebook (FB) over the social network's messy creation made them rich. They eventually walked away with stock worth around $150 million at today's share price. (They haven't disclosed how much of the stock they're still holding.)

A few months ago, word spread that the twins, Cameron and Tyler, had set up their own investment firm and decided to focus on a curious market niche: bitcoins.
The brothers are betting that the cyber currency can turn them from millionaires into billionaires. They've invested in buying the coins directly (they told the New York Times that they began "dabbling" last summer, when prices were in the single digits), and this week, they disclosed their first Bitcoin venture investment: A stake in New York-based payment processor BitInstant.

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6 comments:

  1. Shane MacDonaldMay 19, 2013 at 5:58 PM

    This is really interesting. I can't believe they invested in them so early. I'm extremely curious to what the future of bitcoins will be

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  2. BiancaMay 19, 2013 at 8:32 PM

    I remember the Winklevoss boys being portrayed in the movie The Social Network and not thinking very highly of them. As Shane mentioned, it is interesting that they started investing over the summer. I guess those in the business of finance are told about these things first. Since these guys have money to spare, things won't be so bad when the coin crashes again. It is crazy to think that we are living in a time where a virtual currency exists and real big time investors are getting into it. What next!? This just goes to show how quickly we are advancing technologically.

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  3. Alex SmithMay 20, 2013 at 3:48 PM

    How did they know to do so? I believe it is just how well connected they are. It's all about who you know. Also, they do not look like the actor who portrayed them in the movie, in my opinion.

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  4. UnknownMay 20, 2013 at 7:42 PM

    I agree with Bianca, it is interesting how they knew to invest early, and I would invest a decent amount as well if I had a lot, because it wouldn't hurt as bad if you lost some. I also wonder where bitcoins are going, and what's going to happen when they reach the cap amount...will they crash or will the price go up?

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  5. UnknownMay 20, 2013 at 9:26 PM

    This is really cool, I'll be interested to see if they're right or not. I think bitcoins are going to be either hit or miss, either everyone will use them or it will fail and no one will. Also, Eric brought up the cap amount of bitcoins, but I wonder just how far off in the future that will be. If they become very popular very fast, it could happen sooner than anticipated.

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  6. Adi SinghApril 11, 2018 at 7:37 AM

    VeChain
    IOTA
    Ripple
    NEO
    Tether
    Siacoin

    ReplyDelete

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