Antonio Manaytay – Fourth Estate Contributor
Washington, DC, United States (4E) – The payout received by the Winklevoss twins from Facebook in 2011 made them big on their own right, after they failed to regain control of the giant social media, and become Bitcoin billionaires as the top cryptocurrency continued its longest market run yet.
Cameron and Tyler Winklevoss sued Facebook CEO Mark Zuckerberg in 2011 alleging that the concept of social networking was stolen from them when they were undergraduate students at Harvard.
Although they failed to regain control of Facebook they were awarded $65 million by the court, part of which in the amount of $11 million was invested in Bitcoin.
The Winklevoss twins never had even a single withdrawal from their Bitcoin investment. They just watched their money to grow in value. The strategy actually had paid off: the Winklevoss Bitcoin portfolio had increased to over a $1 billion, a staggering increase of value from $11 million investment made some four years ago.
At the time the Winklevoss twins invested in Bitcoin the cryptocurrency was trading only at $120. Last Monday, Coindesk said, the top cryptocurrency was already trading at $11,247.
Beyond watching their portfolio grow, the Winklevoss twins had bigger plans in their minds: to establish an exchange-traded fund (ETF), which plan was rejected by the US Securities and Exchange Commission early this year for fear of possible fraud. Like any marketable security, ETF trades can trade just like any other common stocks in the stocks exchange.
Many believed had the twins succeeded the Bitcoin ETF would have ushered in a new era for cryptocurrency where institutional investment is possible.
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