Tyler and Cameron Winklevoss could easily pass as Hollywood actors: they are both handsome, young (36 years old), tall (almost 2 meters tall), and have a fortune. However, although they are famous for appearing in a movie, it was never in front of the cameras. The American twins who inspired the plot of The Social Network (David Fincher, 2010) became known worldwide in late 2009 for suing Facebook founder Mark Zuckerberg, claiming that he had stolen the idea from them.
They asked for more than $100 million US in compensation, arguing that, while both were studying at Harvard University, they thought of creating a social network for the university (Harvard Connection, later known as ConnectU), and for this, they hired Zuckerberg. Two months later, Facebook was born. The twins who are also known as “Winklevii brothers” by the American press did not achieve that amount, but they did later accept an agreement in 2011 that closed with a large sum of $65 million US.
In 2013 they decided to invest a good portion of it, $11 million US, in a virtual currency that was barely known at that time. Bitcoin today is revalued to such an extent that their investment is now estimated to be worth over $1 billion US. But the Winklevoss twins knew how to see the cryptocurrency boom on time – it has already appreciated by more than 1,000% – making them one of the main sponsors of bitcoin.
They claim that they never sold even a single one of their Bitcoins since purchase, whose circulation is strictly controlled by an impossible-to-hack software called the blockchain. And they acquired 90,000 bitcoins, 1% of what was then in circulation. When they were initially purchased, the Bitcoin value was estimated at $120 US each. Today, bitcoin units are traded for more than $11,000 US each. They first heard about Bitcoin while on vacation in Ibiza (Spain), when a boy started talking to them about bitcoins. They were fascinated from the start. And at that time, they were trying to return to the technological space.
The Winklevoss, who, in addition to studying economics at one of the best universities in the world, were athletes (Olympic rowing finalists in Beijing 2008), created an exchange rate, Gemini, and their investment fund, Winklevoss Capital. They planned to put Bitcoin on the United States stock exchange. They believed in Bitcoin so much that they imagined it to get listed on the United States stock exchange.
But the Securities Market Commission (SEC) rejected his proposal, which, as a result, also caused a temporary decline in the cryptocurrency. Many analysts and experts talk about the risks of investing in bitcoin, mainly due to the lack of long-term guarantees, the lack of regulation, and the possibility of it falling with a single click. Goldman Sachs investors say it is a bursting bubble, and traditional banks do not trust it. But despite the scepticism, Tyler and Cameron Winklevoss decided to take the risk, and today they have reason to celebrate.
The Winklevoss twins are still far from catching up to Zuckerberg, having to add at least another $73 billion US to their bitcoin wallets (assuming their value doesn’t plummet) to overcome the fortune of the creator of the most used social network in the world. But with the launch of their new Bitcoin movie and the effect the pandemic is having on the world economy, the twins may realize the motivation needed to increase Bitcoin value as a result of the publicity garnered from the movie.
If you want to invest before the film hits the circuits, on this page might be what you’re looking for. If the value of Bitcoin does increase after the Winklevoss twin’s story is appropriately exposed in the mainstream, then it’s best to invest early and enjoy potential gains in profit.