Winklevoss Twins Heavily Investing In Bitcoins

Mark Zuckerberg's former schoolmates think the currency is here to stay.

At least two American investors seem unfazed by the tumultuous week in the Bitcoin world: The Winklevoss twins, who apparently own nearly 1% of the net Bitcoin worth—worth some $11 million (depending on the market's fluctuations). And with the fluctuating prices of late, they just snapped up more at what they believe is a bargain basement deal.

“People say it’s a Ponzi scheme, it’s a bubble,” Cameron Winklevoss told The New York Times' DealBook. “People really don’t want to take it seriously. At some point that narrative will shift to ‘virtual currencies are here to stay.’ We’re in the early days.”

But with Bitcoins swinging mercurially between $105 and $260 over the course of just a few days (and having started March at a meager $35), the future of the virtual currency is surely a gamble. Very few places currently accept Bitcoin currency, but if the twins have it right, that could change in the near future.

"We have elected to put our money and faith in a mathematical framework that is free of politics and human error,” Tyler Winklevoss said. He calls the recent chaos, "growing pains."

[Image: Courtesy of Flickr user Adam Crowe]

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5 Comments

  • Guest

    "...free of politics and human error" - how is that possible when it is designed by man?

  • Gilbert

    Instead of being back by the the faith and credit of the government, now currency will be backed by the math of online software.  Yea, that makes me feel so much safer.

  • JouBaur

    Stupid.
    No objective reality.
    No real value.
    Nothing but a pipe dream, which if they can pump it up enough and then sell it to some suckers for highly inflated prices, they'll make a fortune and then get out.
    It's definitely a scam!