Topic: The Winklevoss twins worth $3bn Each for buying Bitcoin @ $8 with confidence (Read 541 times)

That's because we don't have the same background as the twins, I mean how can they get that amount of money if they don't have a safety net in place, they are rich in the first place so they can afford to buy that amount of bitcoin without batting an eye, us common people and the twins are completely different, that's why you have doubts in the early days of bitcoin, you value money and you want to prevent any loss as much as possible like any other people that doesn't have a rich background.

2011 was the year when Wikileaks started accepting Bitcoin. There was widespread coverage in mainstream media (although the portrayal of Bitcoin was mostly negative). The hype lasted for 1-2 months and helped the Bitcoin exchange rates to jump from $3 per coin to around $30 per coin. But from what I have heard, the Winklevii accumulated most of their BTC in 2012 and 2013, and not in 2011. Their purchase was not made in one go, but spread out over many months. So the purchase price also varies a lot, depending on the date.

You are just saying this mainly because Bitcoin price has gone so high and had it been you were aware of Bitcoin in 2009 or 2010 you would have not believe in it future value for you to invest. Am sure you were aware of Etherium, Coins like BNB and others when their market value were very little? How much did you invest? if I may ask, I hate when people are lamenting of something that even if they have the opportunity they wouldn't have invested because they don't know what will happen the next hour or day.

Edit:
Your account was registered in 2013 and you still here complaining of not aware of Bitcoin earlier except if you are not the original owner of the account. Bitcoin market value was less than $500 as at 2013.

If I discovered bitcoin earlier like most of these people that came across it then, I am very sure that I would have invested in it without any delay, because the time I discovered bitcoin I never wasted anytime in investing in it. When I discovered bitcoin I was searching through Google, and I picked interest because to me it’s a really cool invention and I was ready to take the risk and also because I can use it for transactions.

My motivation didn’t come from anyone, but from myself, because it wasn’t even popular around me then. So I pushed for it. But it’s never too late for those that wishes to reach a level like this, because Bitcoin still has a long way to go and it’s going to reach there.

They really has huge balls, in 2011 many people including me will find it hard to see how bitcoin could grow this much, you know it's like they know that bitcoin will be such a big thing in the future and that's right
I guess the saying that said only risk taker can grow their money is true, it's also the reason why i'm holding hard all of my coins, I couldn't imagine being the next winklevoss
but I could imagine to have better financial condition that i'm currently in and I will try to repeat the same feat that they have experienced if I can.

At the time in 2011, very few people knew about Bitcoin and I don't think anyone would dare to buy 10 million USD of Bitcoin and hold it for such a long time. I really admire these two, they are the veteran holders we know. They have been patient and have preserved their assets scientifically to be able to use their money up to this point. Many people have lost their password or account recovery phrase in the past. Perhaps because they keep too little Bitcoin in their wallet at the time of ownership, they are subjective and forget what their recovery information is.

I think they did a huge gamble that paid off and kudos to them for it. However we should also realize that they didn't do it from a poor point of view, they were very rich.

I understand that there were tons of rich people who could have done the same thing and didn't so they are definitely one of the best at their own league there is no doubt about that, but there are 7+ billion people who do not have remotely the same amount of money they have, we are talking about people who were born rich and had always been rich from the start, went to Harvard, had a dad that allowed them to do whatever they loved, got a huge money for something they couldn't even built so they just took money from the person who could build, and spent that money (not even all of it) on something they just saw future in because they would still be rich if it failed. So, they were comfortable doing it, unlike most of us who were scared to buy at the time.

Crypto and bitcoin has made many millionaires and those who just believed in it and even bought in few thousands of dollars today would have made a good fortune for themselves. And buying at lower price is the best thing and now with the rates at 35k what a lucrative deal we have in front and buying in tranches is what I have started to build around and own some of it. Lets us ensure we do not miss this opportunity and end up retiring rich with crypto.

This kind of feeling is same to what is happening cuiat the market with blood spill everywhere   and some are cashing out in fear while others are hodling. I think what matters is our plans to the investment we make.

A longtime determined investment is different from those who are in for the short time and gains. For the short time, a little pump will be considered a good business but that won't be considered as such for the long time who probably is looking at 10 years and also for a particular price range. This could have been the winning for those investors.

And just so we understand it that currently now, some coins that are very low in price today won't remain low in future. The choiywe make today will determine how we are also going to feel in future and how others will celebrate, talk and write about us too whether here on the forum or in real life.

Guy you are talking to me directly! I use to help people with analysis of the market and I will not invest my own little money, at list so that I can make some profit at the end of the day because am afraid some times but people who I do advised will make it big in most cases. I really need to walk on my investment altitude.

I understand your submission clearly legendary, but this is how you will differentiate between those who has the mind for investment and those who are just out there speculating up and down without investing a penny. Some of them will later pronounce "Had I know" I would have invest in this or that coins. Too much of "acclaimed intelligent" is a problem and is why so many people will remain lamentating for their actions and in action.

The problem is that no one has the courage to invest when an asset is going down. Also, one of the most important sayings in investment is that you should not try to catch a falling knife. For the new investors, the hype in mainstream and social media will be there only when the prices are going up. When the prices remain low, no one really talk about cryptocurrency. And this is the reason why people are afraid to make their investment with cryptocurrency at current levels.

Had I know will always come when it has become past event to those who are always afraid of making investment decision when opportunity show it self them. Even right now is another opportunity to buy some coins at the cheaper rate before is too late again but many people will begin to be soo inquisitive about who is behind the project, and as whether to invest or not. Etha was around a hundred Dollars in 2018 but how many people who are now saying "had I known" was able to buy as at then.

its because of two things, these two brothers are in the media so in a way they are public figures and they also advertise their services (that is the exchange they have and are making money from) so people end up knowing them and follow how much bitcoin and wealth they have. but others who may even have more aren't public figures.

another reason is that many people who bought bitcoin at lower prices didn't hold on to their coins or some of them lost their keys because they were reckless since bitcoin wasn't worth that much. seeing a potential in bitcoin is not something that everyone does.
see how many people refuse to believe bitcoin price is going to go up a lot higher that this current low price and refuse to buy it "cheap". the same people complain in a couple of years about bitcoin being worth $1 million and them having lost their chance.

Yep, I've come to that realization as well, because I've been interested in bitcoin long enough that I remember a time when I thought getting to $10k was going to take many years and that if bitcoin did reach that price any sooner it would mean that fiat would have collapsed--but obviously that wasn't true.  And then I remember thinking $50k predictions within a few years were nonsense--and yet bitcoin surpassed that this year.  So when people predict that it could hit $100k (or just pick any valuation above that), I don't discount them out of hand. 

Speaking of that, I probably should have given OP a few more merits because this thread is actually pretty good--and I might give him a few more after finishing up this post.  Even if it was just a copy-paste, it was an interesting one and it's not much different than the kinds of articles that Hydrogen posts in the Economics section (which I often give merits to).

Are you sure about that? You believe they never sold a single Bitcoin? How they were financing their Gemini exchange?  It is funny how people and newspapers talk about them but not mention others who bought Bitcoin at way lower price then $8. People buy and sell. Some day trade some keep some part of their wealth in Bitcoin. So when bitcoin went x100 they sold 99%.

@OP, thanks for sharing that news with the community to encourage investing in Bitcoin. Although I sent 9 merits to your post it's just to help you upgrade the rank from member to Full member. I want to say this isn't a good way to share news, it's like you directly copy-pasted from the news and share the source link below the post. It would a proper way to express your thought since there no you own thoughts.

Anyway, those were smart enough earlier they realized the potential of Bitcoin. That's the reason why they become billionaires. I can't recall correctly but most probably Bitcoin price was $500-$700 once I was introduced to Bitcoin. But I didn't realize the potential of Bitcoin during that time and that's why still I am poor. Once a time people will think why they hadn't bought even Bitcoin was $50K.

Apologies for bump this thread, just want to explain this kind of copy-paste isn't a wise attempt.

Well.. if you got to know about Bitcoin sometime in 2016, then you should consider yourselves lucky. Because back the the exchange rate was in three digits. If you had invested at those levels, then you should be at a profit of at least 100x right now. I would say investing in Bitcoin is much better than pouring your hard earned money in to overpriced bank stocks, which can become worthless in the near future due to liquidity/NPA issues.

I wasted my family fund and borrowed some money from my mum in 2007 in buying already overpriced dead bank shares. Only got to know about bitcoin in 2016 through ponzi scheme. I had to start a personal research in 2017 about bitcoin, this personal research has landed me in financial freedom. I never stop teaching people about bitcoin since the at no cost.

Believing in bitcoin when it was still $8, I think they are really forward looking people or they just got lucky. But if they did have the idea about FB before and Zuck paid some compensation, then, maybe, they are really looking into future projects that will most likely hit the market. But wondering if they did sell some when btc hit about $20k last 2017?

I don't understand how the Winklevoss twins really believed when they first bought Bitcoin, even though there is no certainty that Bitcoin will rise
in price as it is now. Maybe they did their own research, until seeing the potential Bitcoin will be something big in the future. Finally their trust
in Bitcoin paid off with the current increase in the price of Bitcoin, but we can learn from the Winklevoss twins by buying and holding Bitcoin can
make us rich. So in my opinion it's not too late to collect Bitcoin from now, because I believe the price of Bitcoin in the next 10 years will increase
more drastically than the current price. So start collecting Bitcoin from now on consistently and according to the financial capabilities that we each have.

It's not just about the belief you have into something. I believe that this twin did their own research and that's why we kept saying to DYOR because it's very effective.
They didn't just invest millions to bitcoin just because of one's belief but it's packed with knowledge and research which made them feel that there's a future in it and they're right with what they did.

This chart may not be true anymore. For example the world total marketcap of gold is around 10-11 trillion dollars, whereas bitcoin is 1.1 trillion dollars, that means in about 10x we are at gold marketcap and that is good enough for me to be in a position like that today. So, even though most of the other parts could be either true or close, that image is quite behind on what bitcoin price is today. Obviously apple or amazon or other parts are wrong as well, but we are doing quite well.

Bitcoin is I think 6th in the marketcap ranking if you remove gold and silver, which means there is only 5 companies above it right now and that is quite good, there is also gold and silver above it, but I think bitcoin will be moving way beyond Silver very soon, and could be bigger than Google by the end of the year as well, that would be really awesome if we can manage that.

If they are worth $3 billion right now, just imagine how much they will be worth when BTC reaches a valuation of $1 million per coin. The Winklevii did the right thing by investing in an asset which was hardly known in mainstream market at that time. And this is like a sweet revenge for them. They lost the battle for Facebook to Zucker. But the same Zucker tried to steal the concept of cryptocurrency later, while attempting to create Libra shitcoin. Imagine what would be in Zucker's mind after a few years, when Facebook will be forced to accept Bitcoin.

Obviously they have done something unthinkable, that is a lot of money spent on bitcoin at a level where it was never considered safe just yet. Obviously when you look at it now, it is one of the greatest investments anyone could ever make, that is a great deal and I think it is definitely praise worthy courage to do that. However let's remember, these are the people who were already very very wealthy from their family, and they went to Harvard, they were in Olympic rowing team and they got tens of millions of dollars from Facebook on top of that.

When you have a situation like that, making an investment that high is not impossible, most of the people here had to live from paycheck to paycheck barely surviving and barely scarping some money together to make a savings, we worked hard for a thousand dollars, these guys got thousand dollar nights even before they got money from facebook let alone their profit from bitcoin.

If I remember correctly, they purchased somewhere between BTC100,000 or BTC200,000 when the prices were really low. They revealed their ownership sometime in April 2012 (when the exchange rate was around $5 per coin). They claimed to have ownership to 1% of all the coins in circulation, which would amount to around BTC125,000. The purchase price would be difficult to calculate, because they made the purchase in smaller installments, spread over several months.

After the Facebook fiasco they got a huge revenge over their once friend Mark Zuckerberg. These guys made it to the top by believing in what bitcoin could have been in the future not only investing in the asset itself, but also building an empire around it! Kudos

On this forum the Winklevoss are mostly know for their early investment in bitcoin, although figures could be more or less accurate. However, for the rest of the world they are better know for having actually invented "ConnectU" which Zuckerberg stole (allegedly) to create Facebook.

It just seems that the bitcoin assets are the consolation price compared to Facebook, aren´t they. Anyway, these two guys seem to be also investing in startups. It justs seems that some people are able to generate many good ideas and simply have good criteria for investing, packed with having studied in great universities and having the right financials for starters.

10M$ really? OMG, they had positively expecting bitcoin to be like this which really came to the point. Imagine what would went through for their 10M$ in those times where bitcoin market goes up and down that could eventually took their money if they got no patience over to it.

If you are really positive in life there really is a place for you like this twin believing in bitcoin. So, which means they could now harvest their long time and bloody wait. I know that they somehow feel difficult times during the rally and where bitcoin market almost halving specifically in the year 2018 and 2019.

Well, congratulations on them for their success in the investment. They can now go relax and spend some money on things they like. If I had that kind of money then probably I will buy a better house and lot located in a good place and then buy a family car. Then, go to some places for an adventure. I guess that would relirve my stress then investment some of it in a good working and profitable business.

Right, something doesn't add up with the numbers, this also means that they are worth more than what the media is saying because if what the media is saying isn't true which is probably most of the time then there is more than meets the eye, also do the twins split the bitcoin in half between the two of them?

I am slightly confused here. So they purchased $10 million worth of coins at $8 per coin. This itself is suspicious. Because if the purchase price was $8 per coin, then the total number of coins that were purchased amounts to BTC1,250,000. And the net worth of these coins, as per the current exchange rate would be $75 billion, and not $6 billion as mentioned in this article. It looks like the author doesn't know basic mathematics.

Such a great lesson about risk-taking and patience.

There are now new names of billionaires in the world because of crypto. But there must be many more of them who are unknown and unidentified due to its anonymity. That's in the macro level. 

In the micro level, there are a lot of people I personally know who have made a significant amount of wealth due to Bitcoin and cryptocurrency. I find it more interesting to know that houses were built, cars were bought, investments were made, travel wishes were turned into reality, and so on because they risked and bought Bitcoin during the earlier years, stayed steadfast, and survived through the worst of crypto winters.

Damn these early investors are just becoming rich everyday as they keep on holding their coins and the price is going up. This is really nice , at this current price they are already billionaires, I am thinking what level they are going to reach when the price should get to the level that was being predicted by so many people.

We have seen people who have been predicting up to $100,000 and that one aside I  have also seen those who are predicting way more than that and some of them have predicted up to $300,000. Although sometimes I do doubt these people with their predictions , but anyway you got to believe them sometimes

The The Winklevoss brothers were seed funding many business during that time period and it is said that they won an whopping $65 million behind the doors to settle the Facebook lawsuit they filed and they started a capital management company and was investing in multiple assets and promising companies and that is how they invested in bitcoin as well as they knew bitcoin is the future and that paid off big time.

We dont know on what future ahead on something that we are dealing on the present.Its up to someone who would see its actual relevance and potential which made them to make out such step on buying
bitcoin when its still cheap.This is the opportunity or the result that bitcoin could give if you do believe when its just starting.Thing here is that those twins are rich enough to buy millions of worth
and its just normal that they would reach up billions in profits because of the increase of this market.Its not really that needing some serious math on making computations.lol
Its just great to look on how things becomes favorable to them and amazing on how long they do able to held up and not making any sell-on.

They've believed on bitcoin when they knew it. And how we wish that we've known bitcoin back in the past when most of us do nothing and were busy to things like playing games or not learning something new with the technology. Congratulations to them, they came from FB to BTC.

Only a few are really crazy enough to dare. Regardless of the fact that they had to be rich to have $10m to gamble with as at 2012 (that is buy an asset they were not sure of), they are true visionaries and the true definition of investors and they have to be applauded for that. Many during that period who were exposed to information and had same opportunity as the twins, maybe even in a better financial position did not consider it an option to invest so much as $10m into.

The risk takers in society, are really the ones that make it big. Sometimes playing safe and thinking through investment opportunities is wise, but when one plays it too safe and overthinks some investment opportunities, he or she may never make it big.

You have to congratulate them on taking the chance at such an early stage of development and it benefited all Bitcoin holders when they bought in. Not sure why people need that much money though, hope they invest it in good causes instead of chasing ever higher bank account balances. I never knew that they were involved with Mark Zuckerberg, anyone who is able to take some of his money away is definitely good in my book.

what I applaud them is they were not afraid to spend a lot of money at a time when Bitcoin was not very popular...
they are amazing twins, one thinking and like being able to read the future. if they didn't buy Bitcoin then their name wouldn't be as big as it is now. the value of their current assets is extraordinary.

Does any of you have accurate data about the amount of currencies that they have purchased? The numbers seem illogical, as investing $ 3 billion in Bitcoin in 2012 will enable you to buy a large portion of the market capacity, which does not seem to have increased to several hundreds of billions, not $ 3 billion.
The story does not represent a success story, but rather faith and it differs according to different people and the money that they invested. Some may invest $ 1,000 in bitcoin, representing everything they own, and others consider that amount trivial to be tried in something new.

Famous people already know the potential of bitcoin, so it's a shame if there are still people out there who doubt bitcoin for the future. With the example of the OP, making us even more confident that the presence of bitcoin has changed the narrow space in economic growth to be wide open.

That’s massive of coins to get for $10m, I can’t imagine they both have so much coins at $8 each, insane!

Exactly, that is the big difference, don't be deceived by the fact that they had bought bitcoin back then, they are not exactly the right model that we have to follow because as @The Pharmacist, they have the money from the start so they can afford to do risk.

That aside , if there was a person who did not sell them during the first high time back in 18-19 that person also would have made a lot. Even considering few months back ! The drastic change in price is something that not only the early adopters but even the late adopters can be benefited from.
On analyzing the price chart you would realize how it is not a thing to be sad about. Yes we did miss the opportunity of buying when bitcoins was introduced but even right now one can try doing Interday trading. For example:
On 25th march the price was 51325 $, then today we have 60450$ , now if a person was indeed vigilant of the price and also had money to invest they would have been earned 9125$ in just 18 days !! It is indeed a perfect opportunity for everyone even if it was the past or the present.
One can track the price and buy again if it does lower than today's price with a considerable range. It will take a lot of time and active participation in the market but at the end of the day its all worth it.

Assuming they still hodl their BTC @ $8, that's a 7,500 times increase in price. If you bought BTC today, it would need to go to 450 million to match the performance seen by Winklevoss twins.

I think it's safe to predict that in the future, Bitcoin bull runs will be smaller in their magnitude, so it's no longer possible to become rich by investing small sum in Bitcoin for a decade.

Yeah, well they were smart and rich from the get-go and were always looking for the next big thing.  They had enough money to sink into bitcoin without worrying about whether they were overinvesting or if they'd need that money to pay the bills next month--which is a lot different from the average person out there in the world, especially back in the early days when the economy was in the shitter and unemployment was soaring.  I don't begrudge them their success at all, and I'm glad they're so into bitcoin, but they aren't exactly a rags-to-riches story.

But man, if I'd only known about bitcoin when it was created (and understood the nature of it; that took a while for me).  I might not be nearly as wealthy as a single Winklevoss twin, but I'd be rich enough to satisfy myself.  Ah well, it wasn't to be.  But I'd still love to try out Gemini, except I think they require a wire transfer of funds and that's a pain in the ass.  Not sure why they don't make it easier to fund a Gemini account.

This is a very perfect example of how buying and hodling bitcoin can make one rich. I came across a thread on this forum recently where the OPs argument was that bitcoin was not made to make one rich. While he may be right, I strongly believe that those who got rich by it didn't do anything wrong.
It is noteworthy to know that these guys bought when it was as low as $8 and hodl till it is over $60k. One cannot but wonder why didn't they sell earlier. Of course, they'd have made quite a lot of profits too.

Indeed Bitcoin has made so many whopping rich and has added a whole lot to the Forbes of our time. The digital currency, Bitcoin that was trading a little below $100 as at 2013 is currently above $60,000 and we are actually expecting a $100,000 spike before the end of 2021.

Many took hold of this opportunity and made their first purchase of Bitcoin, while some gave up on the digital currency and sold out their assets some went as far as purchasing in large quantities and held on to their coin thereby believing on the project.

During this period two identical twins who are listed currently on the Forbes Billionaire List amongst the newcomers who reached a billion-dollar status due to their Bitcoin investing, took hold of a golden opportunity and made a purchase of $10bn worth of Bitcoin at $8 per Bitcoin way back 2012.

Cameron and Tyler Winklevoss are currently worth $3bn each. For purchasing a crypto asset worth $8, making them one of the biggest and earliest investors in cryptocurrency. I would say their gamble paid off and today, they are worth a collective $6bn.

The Winklevoss twins are not slowing down, they are instead, making further investments in cryptocurrency. Recently, they invested in a Bitcoin lending start-up named Block-Fi which is now valued at $3bn.

The Winklevoss twins are no strangers in Silicon Valley. They were Mark Zuckerberg’s classmates at Harvard and they once accused the tech billionaire of stealing their idea for Facebook.

A bitter legal battle between the two ended in the twins receiving significant cash and Facebook stock compensation from Zuckerberg. Some of their cash compensation was invested in cryptocurrency and it has indeed, paid off.

In their early days, cryptocurrencies witnessed an unstable growth path, rising and falling occasionally. This discouraged many people from investing heavily in it. The Winklevoss twins took the risk on Bitcoin and are now billionaires on Forbes list. Currently, they run their company, Gemini, a regulated cryptocurrency exchange, wallet and custodian that makes it simple and secure to buy Bitcoin, Ethereum and other cryptocurrencies




https://nairametrics.com/2021/04/09/meet-the-billionaire-twins-who-bought-10m-worth-of-bitcoin-when-it-still-sold-for%E2%80%AF8/