Winklevoss Bros are Billionaires Again After Bitcoin’s Blowout Party
Tyler and Cameron Winklevoss are batting among billionaires again.| Source REUTERS/Lucas Jackson/File Photo
Cryptocurrency entrepreneurs Tyler and Cameron Winklevoss have once again reclaimed billionaire status after Bitcoin soared to new 2019 highs this week. The twin brothers’ net worth ballooned to $1.45 billion according to Bloomberg’s Billionaires Index .
The Winklevii began the year with ‘only’ $654 million, highlighting just how deeply tied their assets are to the Bitcoin price. BTC is currently pulling back from just below the $14 000 level after the Greenback suffered heavy losses in June.
Gemini Cashes in on Cryptocurrency Resurgence
Apart from their Bitcoin holdings, the brothers Vi also run their trademark New York-based Gemini exchange. Cryptocurrency exchanges are huge cash cows. Binance, for example, the world’s largest exchange by volume brought in a whopping $78 million in first quarter profits this year.
And while Winklevoss wealt certainly has benefitted from increased trading interest, even those kinds of numbers will unlikely propel the brothers up the exclusive list. Furthermore, Gemini has a higher level of regulatory scrutiny and operates in fewer markets so there’s potentially leaving untapped cash on the table.
In an interview with CNN Business, Tyler Winklevoss:
So we’re the most regulated cryptocurrency platform, exchange and custodian in the world. Trust is our product and if you want to get involved in cryptocurrency and you’ve been worried about getting burned, we built Gemini for you.
Movers and Shakers in the Billionaires Index
Bezos still holds the dominant spot for billionaires everywhere and is notably the only person in the top 10 to see his net wealth decrease year to date.
The billionaires’ index unfortunately only displays the top 500 richest people. And while the Winklevoss brothers have once again regained legendary status they still fall short of Thailand’s Yan Bin who holds the 500th spot.
Winklevoss Reclaim Billionaire Status
The twins first came to prominence in 2010 with the acclaimed movie ‘The Social Network’. By now, most readers are familiar with their spat against Mark Zuckerberg. The twins managed to salvage $65 million from Zuck in 2004 after claiming he stole their idea.
These days, however, it seems that launching your own cryptocurrency with a rival astrological name is the way to go. Zuck surely is the ultimate corporate troll.
For now, Zuckerberg holds firm in 5th place of the worlds wealthiest individuals. He has added a prolific $21 billion to his billionaire tally this year alone. It’s unlikely, however, that he holds significant amounts of Bitcoin.
In 2013 the brothers claimed to have accumulated 1% of all Bitcoin in existence. Cryptocurrency’s flagship coin could very well 10x this year or the next. If that happens, expect to see the Winklevoss brothers net wealth rapidly move up the ranks.
Click here for a real-time bitcoin price chart.
