Winklevoss Twins Become First Official Bitcoin Billionaires

They say that revenge is a dish best served cold – in this case, perhaps with a side of Bitcoin?

While Mark Zuckerberg’s stake in Facebook has made him one of the richest men in the world, his rivals, the Winklevoss twins, found another way to become billionaires. The twins sued Zuckerberg in 2011 and received a $65 mln payout. While that number was paltry in comparison to the company’s worth, it was enough to take the twins’ net worth past the billion dollar mark.

According to The Telegraph the twins invested $11 mln of the payout in Bitcoin in 2013. Fortune points out that the twins paid about $120 each for their approximately 91,666Bitcoins giving them about one percent of all the Bitcoins that had been mined at the time.

Fast forward five years and the price of Bitcoin has skyrocketed. As of press time, Bitcoin is sitting above $11,400. It’s believed that the Winklevoss twins are the first investors to make a billion dollar return on their investment.

The industrious entrepreneurs sit at or near the top of a prestigious list of Bitcoin owners. They are also in the process of launching their own Bitcoin ETF – which was rejected earlierthis year. Their very own Bitcoin exchange, Gemini, has been operating for around a year following a lengthy battle for approval.

This time for real

We have to fess up – in early November we published an article stating that the Winklevoss had then become billionaires. As it turns out, that was based on an inaccurate estimate of their total Bitcoin holdings. They owned 1% of all Bitcoin back in 2013, not 1% of all Bitcoin in November 2017. It’s probably more accurate to calculate their holdings using the amount they invested ($11 mln) and the price per Bitcoin at the time ($120). Thus they own approximately 91,666 Bitcoins, not the 120,000 Bitcoins we were estimating at the time…

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