4/12/2013 6:54 PM ET|
Facebook who? Winklevoss twins move to Bitcoin
The pair claim to be one of the largest holders of the alternative currency.
They may have the largest allocation of Bitcoins out there, according to The New York Times. The twins told the newspaper they own nearly $11 million in Bitcoins -- or, at least, their stake was valued at $11 million Thursday morning when trading was temporarily halted at around $120 per Bitcoin.
After a week of intensely volatile trading, Bitcoins were valued at around $77 Friday (see the live price here), a drop of nearly 36% from what The Times reported. That means the Winklevii, as they are informally known, have seen their Bitcoin investment plunge by nearly $4 million.
But as early investors, the twins are still making a huge killing. They said they began buying Bitcoins last summer when the price was less than $10.
The Times originally reported the brothers owned 1% of all Bitcoins in existence, but that tidbit seems to have disappeared from the article. If they do own that much, then Business Insider estimates they hold about 108,000 Bitcoins (there are about 10.8 million Bitcoins in the world).
To learn more about Bitcoins, click here for an explainer.
The Winklevoss spat with Zuckerberg was the subject of the movie "The Social Network," and it ended after the twins received $20 million in cash and Facebook shares now valued at more than $200 million, the Times reports. The twins later tried to undo their Facebook settlement, but that was squashed by the courts.
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[BRIEFING.COM] Equity indices closed out the month of August on a modestly higher note. The Russell 2000 (+0.6%) and Nasdaq Composite (+0.5%) finished ahead of the S&P 500 (+0.3%), which extended its August gain to 3.8%. Blue chips lagged with the Dow Jones Industrial Average (+0.1%) spending the bulk of the session in the red.
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