Bitcoin billionaires: Winklevoss twins' $11m bet on digital currency is now worth $1 billion
05 December, 2017, 02:19
The brothers have reportedly not sold a single one of their Bitcoins, sitting on them and watching them accrue value.
Over a period of four years, twins Tyler and Cameron Winklevoss have become billionaires.
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.
Their bet paid off hugely, with bitcoin having soared over 10,000 per cent after last week's price surge. The digital currency hit a new high of $11,826.76 a coin on Sunday, according to data from Markets Insider, surpassing its previous high of about $11,300.
City AM, a UK-based publication, revealed that the Winklevoss Twins are estimated to hold 100,000 bitcoins, given their $11 million investment in 2013. While some bitcoin users were afraid that Silk Road represented a significant amount of spending in the cryptocurrencies, the twins saw opportunity. In an interview with the Telegraph, Tyler noted that bitcoin is a better version of gold, sharing the same sentiment as other investors and analysts in the space, including Apple co-founder Steve Wozniak. "Still, the twins" early comments about bitcoin appear to have been prescient. Institutional investors are basically funds and other investment organizations that raise money for investment in financial instruments.
The 36-year-old brothers lost their case against Mr Zuckerberg but received a settlement of US$65 million (S$87.6 million) and used US$11 million of it to invest in bitcoin back in 2013, meaning they were early backers of the cryptocurrency. In 2014, Mt Gox, then the world's largest bitcoin exchange, went bankrupt after hackers had stolen $460 million from the firm's online systems. Winklevoss's, however, are the first public figures to have made a billion out of the currency.
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The area where the incident occurred is a hub for educational institutions in the city including the University of Peshawar . According to Hayatabad Medical Complex Director Shahzad Akbar, six dead and 18 injured were brought to the hospital.
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