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All of us remember the infamous Winklevoss brothers from the 2010 movie, The Social Network. These were the same brothers who sued Mark Zuckerberg for stealing their idea of Facebook and making it his own. The twins settled after being paid millions of dollars as well as certain amount of FB shares.
The twins did not stop just there. After earning millions of dollars from their settlement, the brothers came across the next big thing, Bitcoin. Soon, they were one of the few people who managed to become Bitcoin billionaires in 2017. Ever since then, the crypto market took a nosedive. However, this does not seem to have had any influence on the Winklevoss twins as they continue their good run.
The Winklevoss twins’ journey through the crypto space:
The Winklevoss received their huge settlement from Facebook and immediately went off to celebrate their success. This is when a friend of theirs told them the idea about this new digital currency Bitcoin. Even though the twins have not revealed how much they invested in the virtual currency back then, they did take a huge gamble and invested using their settlement money.
The road to becoming billionaires was not easy right after they invested in Bitcoin. In fact, a considerable number of Bitcoins was on the exchange Mt. Gox which was robbed of 650,000 Bitcoin when it was hacked. None of the investors, including the Winklevoss twins, ever saw their lost money again.
Despite the huge loss, the twins managed to come back strong, which eventually resulted in them becoming self-made Bitcoin billionaires. The attack on Mt. Gox exchange made the twins create their own crypto exchange called the Gemini exchange. This is one of the most widely used crypto exchanges with the multi-million dollar worth of trades being executed on a daily basis. Through Gemini exchange, the twins also launched the stablecoin Gemini U.S. Dollar (GUSD).
The twins believe that the crypto world is still in the very early stages of development and will certainly make a huge impact on the future of the financial industry. They have even related to one of the most successful investors in history, Warren Buffet, as an old man who does not understand digital cryptocurrencies because of his anti-crypto stance.
In an interview, Tyler compared Bitcoin to Amazon and said that Amazon was not an overnight success and it took several years for Jeff Bezos to create an e-commerce company that is as successful as it is right now. He believes that Bitcoin is the ultimate solution to all the problems in the financial industry and it will take a few more years for Bitcoin to achieve the same level of success as Amazon.
According to Tyler, Bitcoin makes use of an immutable blockchain ledger, and it is impossible to cheat and get away with it. This immutable ledger will eventually put an end to all the corruption in the financial world. Additionally, as the whole system runs on a decentralized network, the issue of centralized control is also put to rest. Thus, making it the ultimate financial tool of the future.
Have the brothers been affected by the crypto bear market?
The Winklevoss twins seem to be barely moved by the multi-year bear run that the crypto market is currently experiencing. While they did take a huge risk when they invested in Bitcoin very early, the risk paid off and they currently appear to be less bothered by the market conditions.
When questioned, Tyler did say that a part of their Bitcoin investment was back when Bitcoin cost just $8. This explains why the brothers are not shaken by the plummet of the crypto market.
What do they feel about the crypto future?
The Winklevoss twins believe that cryptocurrency will play a vital role in shaping the future of the world. By having a currency that is free of all corruption, the world will be a more trustworthy place.
Additionally, as the power is given to every user of the network, people will feel more comfortable using cryptocurrencies over centralized fiat currency. Thus, cryptocurrencies will play a very important role in shaping the future of this world.