You might have heard about the Winklevoss twins investment practices and wonder how it all came to be.
The Winklevoss Bitcoin story is inspiring, and you can learn a lot from these brothers about long-term investing and business.
The Zuckerberg and Winklevoss Saga
The conflict between the Winklevoss twins and Mark Zuckerberg has been going on for years with no end in sight.
Zuckerberg did end up paying the twins $65 million in 2008 on claims that he stole their idea, which ultimately became Facebook.
Why Did They Choose Bitcoin?
In 2010, Bitcoin was invented by Satoshi Nakamoto. The Winklevoss twins discovered this while on a beach in Ibiza in 2012. A friend had told them about Bitcoin, and they found the idea extremely fascinating.
So, the Winklevoss twins investment started at 1 percent of all the available Bitcoins. That was around 200,000 coins at $7 to $10 each approximately.
The Winklevoss twin’s Bitcoin investment has made them the first public figures to make over $1 billion on an investment.
In 2012, they opened Winklevoss Capital, which provided angel investments to entrepreneurs and start-ups. They were involved in almost 100 projects and 20 crypto-focused investments.
The brothers saw something in crypto that not many people saw and led them to develop their cryptocurrency exchange in 2014. It is called Gemini and is known to be one of the safest places to trade crypto.
In return, Mark Zuckerberg cheekily opened a new cryptocurrency coin name Libra. As you can see, the feud continues between these executives.
Cyprus and Bitcoin
Something out of the ordinary happened in 2013 when the city of Cyprus deciding to take 50 percent of everyone who had 100,000 Euros or more in their bank account. That was a massive knock to the people and economy, and they started searching for ways to transact without the bank knowing.
The people of Cyprus bought into Bitcoin, and the price surged, driving the Winklevoss twin’s investment up with it.
The public took notice of this, and more people started becoming familiar with Bitcoin and other cryptocurrencies. That started what people know as the crypto boom at the end of 2013.
Together with Charlie Shrem, they founded one of the first Bitcoin exchanges in America, Bit Instant.
That all happen in 2013, and a few years later, Charlie Shrem went to jail for illegal dealings in the crypto scene. There was a dispute that Shrem had stolen Bitcoins from the Winklevoss twins Bitcoin investment. The amount was undisclosed, and the case was settled in a court of law.
Something you can take from this story is to make sure to use a trusted and regulated Bitcoin exchange to buy and trade. This way, you can avoid losing some of your money, like what happened with the Winklevoss twins’ investment.
The 2017 Bitcoin Surge
One thing about the brothers, they are in it for the long haul. They know the value of investing long-term, and that shows through their dedication to holding.
By 2017, the Winklevoss twins Bitcoin value was over $1 billion, so you can only imagine what the valuation is today.
By always living below their means, both twins have amassed extraordinary combined wealth. That has played a role in their success in the crypto industry and business over the years.
The Future of The Winklevoss Bitcoin Story
The Winklevoss twins investment into Bitcoin now sees their initial outlay valued at over $6 billion and is set to climb higher in the future.
Something we can all learn from the Winklevoss twin’s Bitcoin story is that if you are patient enough, Bitcoin can make you very rich.
Who knows what the future hold for these two elite Harvard students? They recently invested in a platform called BlockFi, which is a crypto exchange where you can save your cryptocurrency and earn interest on your staked coins.
Both BlockFi and Gemini are going to be offering crypto credit cards for people that meet their criteria. It is a world-first, and again the Winklevoss twins are at the forefront of the advancement of cryptocurrency.
TrustPedia is a financial portal-based research agency. We do our utmost best to offer reliable and unbiased information about crypto, finance, trading and stocks. However, we do not offer financial advice and users should always carry out their own research.Read More