Facebook who? Winklevoss twins move to Bitcoin

The pair claim to be one of the largest holders of the alternative currency.

By Kim Peterson Apr 12, 2013 2:54PM
Tyler and Cameron Winklevoss during Mercedes-Benz Fashion Week on February 8, 2013 in New York City ( Michael Loccisano/Getty Images for Mercedes-Benz Fashion Week)Cameron and Tyler Winklevoss, the twins who sued Mark Zuckerberg for making off with their idea for Facebook (FB), have become major Bitcoin investors.

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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2Comments
Apr 12, 2013 4:11PM
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Bitcoins.  Might as well be Beanie Babies.  Up when there is speculation, and now, they are tossed out w/ the garbage, just like this made up type of currency with no standard and no basis will be.
Apr 13, 2013 2:04AM
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The bloom is coming off the tulip market. 
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