Facebook payout turns Winklevoss twins into first Bitcoin billionaires

Facebook payout turns Winklevoss twins into first Bitcoin billionaires

Facebook payout turns Winklevoss twins into first Bitcoin billionaires

The cryptocurrency had crossed the closely watched $10,000 figure Tuesday and topped $11,000 Wednesday, only to drop more than $1,000 in a few hours amid high trading volume that exchanges initially struggled to keep up with. Even JP Morgan's senior analyst Tom Lee has confirmed the optimistic estimates it wants to climb within five years to $ 25,000, endorsing his undisputed commercial success.

Like billionaire technology angel investor Tim Draper, the Winklevoss twins have allocated a significant portion of their resources and capital in providing a better infrastructure for the bitcoin market, specifically for investors in the traditional finance market.

The $11m investment, however, has since ballooned by nearly 10,000 per cent after last week's price surge making it the first billion-dollar return made by a cryptocurrency investor.

The Winklevoss twins are now the first Bitcoin billionaires.

The digital currency retraced some of its gains on Sunday after hitting the peak.

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However, the state-owned media outlet did not mention whether China had agreed to Trump's request regarding the oil. North Korea's leader Kim Jong-Un said this test showed that North Korea had become a full nuclear power.

Despite controversy surrounding the long-term implications of investing in bitcoin, the twins say they're committed to the digital currency. Despite sharp falls in prices recorded last week, the cryptocurrency appears to have rallied over the weekend.

Yesterday, bitcoin hovered close to an all-time high of US$11,800 set on Sunday after the U.S. derivatives regulator allowed CME Group and CBOE Global Markets to list bitcoin futures. "Still, the twins" early comments about bitcoin appear to have been prescient.

The identical twins, who competed as rowers in the 2008 Beijing Olympics, have said recently they haven't sold any bitcoins since their initial purchase. On Gemini, people could swap dollars and other cryptocurrencies for Bitcoins and vice versa.

There is also a steady increase in interest from institutional investors. In 2014, Mt Gox, then the world's largest bitcoin exchange, went bankrupt after hackers had stolen $460 million from the firm's online systems. However, it looks like Bitcoin is here to stay.

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