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Everybody in the tech and financial worlds know about the fiery feud between Facebook’s Mark Zuckerberg and the Winklevoss twins, but is it possible that this arch-rivalry between the the ‘Libra’ cryptocurrency creator and the two ‘Gemini’ originators is coming to its end?
The Winklevosses — identical twins and graduates from Harvard — claim they had the original idea for Facebook together with another Harvard student, Divya Narendra, and Mark Zuckerberg stole it. The story became a lot more intriguing when the twins sued Facebook in 2004, and four years later settled, according to various reports, for $20 million in cash along with $45 million in Facebook shares. But it’s now possible for the first time since then that the two partners are going to reconstruct their ties to Facebook for a common cause.
Unlike all the drama we saw in The Social Network, the 2010 film about the above-mentioned events, it seems that with the announcement of Facebook’s grand plan for a new cryptocurrency called Libra, this clash is about to be over. The duo said in an interview on “CBS Sunday Morning” that the crypto industry would profit from some sort of collaboration between Gemini and Facebook.
Apart from their differences with Facebook’s founder Mark Zuckerberg, the Winklevoss twins have been in the picture for quite some time with their investments in Bitcoin, turning them into multi-millionaires and perhaps even billionaires. And with Facebook releasing Libra, the Bitcoin price is booming above $9,100; perhaps that is because Facebook’s ambitious crypto project appears to be a proof that cryptocurrencies’ recognition is becoming more and more popular.
Bitcoin was the next big thing in the industry, according to the twins. They actually purchased their first Bitcoin in 2012 at $8 or $9. Keeping in mind that in 2017 these same $8 or $9 digital coins were worth $20,000, the Winklevoss brothers, according to Forbes, have a combined value of somewhere between $900 million to $1.1 billion. “Money that works like your email? That was the ‘Ah-ha!’ moment for us”, said Tyler Winklevoss, relating to cryptocurrency.
From Caustic Clash to Crypto Collaboration?
One exciting aspect about Facebook’s Libra launch is that the rivalry between the Winklevoss twins and Zuckerberg may transform into some sort of collaboration.
The Winklevoss siblings are the founders of Gemini, a cryptocurrency exchange based in New York that is intended to be free of hacking, fraud and safety breaches. The simple vision behind the crypto initiative was to create a safe crypto market for the investors.
On the other hand, with the assistance of traditional financial giants such as Visa and Mastercard, Facebook developed the cryptocurrency Libra. Their idea flaunts the mass demand for electronic virtual currency and may cut away from piece of the pie of Gemini in the crypto market. In the longer run, this can lead to an intimidating situation for Bitcoin billionaires.
When questioned about the launch of the Libra, Cameron Winklevoss also said he wasn’t uneasy about the prospect. “There’s so much pie to grow, I mean, at this point, we need to be frenemies,” he said. However, both the twins refrained from commenting on their strategy or feelings regarding the Libra launch in detail.
So, is it going to be a new future for Zuckerberg and the Winklevoss twins or is it all going to result with another burn in the face for the two Geminis? We’ll just have to wait and find out.