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Revenge of the Winklevii

The Winklevoss twins believe that Bitcoin is gold 2.0

© by TechCrunch

They came. They saw. They sued. They came again. They invested wisely. They conquered.

Cameron and Tyler Winklevoss, better known as the Winklevoss twins or the Winklevii, are best known for suing Mark Zuckerberg and claiming that the world’s most popular social network was actually their idea that Zuck stole.

In 2009 they received $65 million in settlement from Zuckerberg and in 2013 they decided that investing $11 million in Bitcoin was a wise investment. Well, this time they didn’t need a court to prove that they were right.

The Winklevii had bought Bitcoin worth $11 million when the price of one Bitcoin was $120. This means that their combined investment is now worth over $1 billion.

One has to assume that if the Winklevii‘s claims on Facebook being their idea was true then settling for $65 million may not have felt like a win. Of course it is debatable whether Facebook would have grown into the behemoth it is now without Zuckerberg and his chosen team steering the ship. Would the Winklevii have done better than Zuck and company in making Facebook Internet’s favourite social network? I personally don’t think so but obviously we will never find out.

Now that the Winklevii‘s big bet on Bitcoin has paid off it surely proves that they are very smart businessmen in their own right.

It is worth noting that the Winklevii aren’t just Bitcoin hodlers. They are also involved in some potentially groundbreaking cryptocurrency based business endeavours. One of these is the CBOE bitcoin futures contract which uses the Gemini cryptocurrency exchange co-founded by the Winklevii.

So if you think that the twins have already done more than enough for themselves by becoming arguably the world’s first Bitcoin billionaires (mysterious Bitcoin inventor Satoshi Nakamoto is believed to own Bitcoin worth more than $10 billion) and certainly the first public figures to become Bitcoin billionaires then you aren’t paying enough attention to what the future holds for these two former Olympic rowers.

While Bitcoin’s extraordinary price should eventually see long term corrections there is no indication of it slowing down anytime soon. The Winklevii are certainly bullish on Bitcoin’s future with Cameron Winklevoss predicting a multi-trillion dollar valuation for Bitcoin because, he argues, Bitcoin is gold 2.0.

We will keep an eye on the Winklevii and their Bitcoin adventures but for now it is safe to say that even though they are a long way behind their Harvard frenemy Zuckerberg in terms billions of dollars earned they are certainly betting big in the one industry that could see them catch up with Zuck faster than most people.

The revenge of the Winklevii will be complete only when they have both individually left Zuckerberg behind in the Forbes rich list.

Long way to go.

Written by Shikhar Srivastava

Shikhar is the CEO and Editor-In-Chief at Stannals.

15 posts

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