Who are the Bitcoin billionaire brothers?
The current Winklevoss twin’s net worth in 2022 is approximately $1.1 billion for each of them, according to Forbes. They both became billionaires from using their $65 million Facebook settlement and using it for their significant early Bitcoin play. They have both been ranked as high as #261 wealthiest on Forbes, near the peak of their net worths at the Bitcoin peak and as the crypto craze was at its zenith in 2021.
The former Olympic rowers were best known for accusing Mark Zuckerberg of stealing their idea for a social network. They have now become famous for their Bitcoin ventures.
Did the Winklevoss get any money for Facebook?
Tyler and Cameron Winklevoss became famous from their depiction in the movie The Social Network, which showed how Mark Zuckerberg took their idea for a Harvard website that connected students and then built Facebook for himself instead. The twins agreed to a $65 million settlement with Mark Zuckerberg and received $20 million in cash and $45 million in Facebook stock. After the Facebook IPO, the twins’ $45 million in shares returned +500%. According to the twins, their Facebook stock was worth over $500 million during their holding period.
It has been reported that the Winklevoss twins could not take their money into venture capital in Silicon Valley because Mark Zuckerberg blacklisted them. Start-ups didn’t want them as investors because it would interfere with the company’s ability to get acquired by Facebook or do business with the company.
When the Winklevoss twins first heard about cryptocurrency, they thought Bitcoin was either the next big thing or a total scam. After researching it and understanding it, they decided it was highly probable that it would be a big part of the future of currency. The twins first acquired $11 million worth of Bitcoins in 2013, based on New York Times reporting. They bought up 1% of the entire BTC supply, starting when the price was from approximately $8 to $9 per Bitcoin. They invested $1 million in BitInstant, and by 2013, the startup was handling 30% of all global bitcoin transactions, according to a book by Jason Williams.
They then became Bitcoin perma-bulls believing it was the future of frictionless money. They also created the cryptocurrency exchange Gemini Trust Company in 2014; today, it processed approximately $200 million daily in trades near its peak. Cameron is Gemini’s president, and Tyler is the CEO.
The twins still own an estimated 70,000 Bitcoins and other digital assets.
The twin brothers became billionaires for the first time in 2017 when Bitcoin reached all-time highs before crashing. After the price surge in Bitcoin in 2020 back to new all-time highs, each of the twins was again worth over $1 billion, according to the Bloomberg Billionaires Index. At 40 years old, they became multibillionaires through a combination of the Facebook settlement, their early large Bitcoin cryptocurrency purchases, and the founding of their crypto company Gemini.
How much is Cameron Winklevoss worth?
The current Cameron Winklevoss net worth is $1.1 billion and #2453 in the world.
How much is Tyler Winklevoss worth?
The current Tyler Winklevoss net worth is $1.1 billion and #2454 in the world.