The two names Tyler and Cameron Winklevoss are in the limelight once again after having sued Mark Zuckerberg a few years ago, alleging theft of intellectual property. Around the year 2013, these twins made a risky investment of around 13 Million in bitcoins. Now that the value of BTC has surged like anything, these two have become probably the first billionaires out of Bitcoin.
What is even more interesting is that the Facebook case was settled after the twins received some money and interestingly the same money was used by both of them as an investment in the early stages of bitcoins. The twins purchased bitcoins worth 100,000 in units, and until November last year, one bitcoin was valued around 1000 USD. After the recent surge, the coin has surpassed 10k USD, making them billionaires.
The Winklevoss brothers have always been at the upfront of bitcoin, evangelizing the importance of cryptocurrency. In 2016, these two were behind the launch of Gemini exchange. The two brothers are yet to sell any of their stashes and claim they are yet to convert their bitcoins in any fiat currency. In 2016, while giving an interview to a UK daily, they said: “we are long-term holders of bitcoins and have no plan to trade the bitcoins.”
In early 2017, the Winklevoss brothers even tried to launch their very own Bitcoin Exchange but were rejected by the Security and Exchange Commision. The commission had to say that the cryptocurrency market is prone to manipulation and can be very unstable. Even many ICO’s are on rising which claim that anyone who invests will get 2x times the money. It is because of such ICOs that the commission all across the globe has decided to take strict action against any company that does false promises on the basis of a get rich quick scheme.
What remains to be seen is how will Bitcoin futures have an impact on the rates and fluctuations of BTC; the move as seen by many is considered to cool down the rates and maintain some stability in the market as a whole lot of cryptocurrencies are dependent on the price of BTC. The latest big name to support bitcoin futures is CME group. Here is the official statement by CME group.
“We are excited to work with CME Group on this product and see the BRR used as the settlement mechanism of this important product,” said Dr.Timo Schlaefer, CEO of Crypto Facilities. “The BRR has proven to reliably and transparently reflect global bitcoin-dollar trading and has become the price reference of choice for financial institutions, trading firms, and data providers worldwide.”
Even though it is pretty certain that the Winklevoss brothers are not the first people to become wealthy just by accumulating bitcoins, it is because of the media outreach and their previous media life that they have gathered much attention. But one thing is certain; this story is definitely going to inspire more and more people to buy bitcoins. Even more staggering is the market cap that this virtual currency holds. While drafting the article, bitcoin has a market cap of $195 billion moving way ahead of McDonald’s ($138 Billion). We can only wait and watch to see the fate of crypto currencies.