Tuesday 11 December 2018

Bitcoin plunge ends Winklevoss twins' brief period as billionaires

Cameron and Tyler Winklevoss
Cameron and Tyler Winklevoss

Tom Metcalf

What bitcoin giveth, bitcoin taketh away.

Cameron and Tyler Winklevoss, the twin brothers who became billionaires after the run-up in the price of bitcoin and other digital assets toward the end of last year, have seen their fortunes drop 37pc  in the past month as the cryptocurrency plunged.

Bitcoin dipped below $10,000 (£7,266) Wednesday, extending a rout that has sliced $443m from the net worth of each brother, leaving them with $739m apiece, at least on paper, according to the Bloomberg Billionaire Index.

Read more: The rise of the Bitcoin Billionaire: how cryptocurrencies are toppling the super rich

Bitcoin dropped more than 10pc to $9,178, the first time it had traded below the $10,000 threshold since 1 December, according to consolidated pricing data collated by Bloomberg. It rebounded to $10,768 on Thursday morning, still well below its peak of $19,511 on 18 December.

Still, the twins may not be too concerned. They intend to hold their Bitcoin for the long-term and expect it to “appreciate by 10 to 20 times its current value,” Cameron Winklevoss said in a 8 December interview with Bloomberg.

Independent News Service

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