Breaking News

Bitcoin Billionaires - The Mancock Worth brothers bet on digital currency for $ 11 million now worth $ 1 billion



The twin brothers who had sued Mark Zuckerberg for Facebook's stealing of their ideas now own $ 1 billion worth of bitcoin because of their previous investments in virtual currency.

The Brundworth brothers invested $ 11 million four years ago in bitcoin, reaching a value of more than $ 1 billion last week when the Bitcoin skyrocketed, which should be the first to be recognized as the first to reach billions of dollars by investing in digital currency The return on investors, this is a landmark moment in this controversial asset.

Since its rapid growth in recent years and its surge this year, bitcoin has hit a record high of $ 11,395 last week, despite various challenges such as affecting financial stability and its use in criminal activities . That has made many of the first investors who supported bitcoin a millionaire, but the Brundworth Brothers should be the first public figure to return more than $ 1 billion through investments.

Two brothers with Mark Zuckerberg as an alumnus got nearly $ 65 million in compensation for Facebook in 2008 because the two brothers sued Zuckerberg for plagiarizing their ideas and in March 2013 they used 1100 Million dollars bought a lot of bitcoin at that time worth 120 dollars.

The amount of bitcoin they hold is not public, but conservatively estimates they have about 100,000 bitcoins - a bit worth up to $ 1 billion when Bitcoin hit a new high last week. Since coming out against Facebook, the two brothers also took part in the rowing competition at the Beijing Olympics in 2008 - after which they started to invest in Bitcoin and established an online trading platform and venture capital fund.

The two brothers hope to run ETF funds in New York as a means of investing in bitcoin, but they need to obtain the relevant clearance through the financial regulator. "We've never sold bitcoin and we have to hold it for a long time." The Brundworth brothers said about two years ago.

Tyler Wenkelevos said bitcoin would have a total market capitalization of over a trillion in the future, and in his correspondence with Telegraph and Magazines he said bitcoin "is like a premium version of gold." Two brothers spokesman did not respond to this.

Only a handful of bitcoins worth over $ 1 billion in bitcoin wallets include the mystical creator of cryptocurrencies. No one knows about his real identity until now, and people only know his online anonymity - - Satoshi Nakamoto. The Wencklesworth brothers are among the largest holders of bitcoin's biggest names.

Bitcoin's circulation does not depend on any government, and its ability to function properly relies on a strong user network. Even though the financial giants think it is a scam, its value is still setting a record high last week.

At the same time, the Federal Reserve issued a warning about the risk of financial stability caused by bitcoin. "These digital currencies are not widely circulated and used now. However, if it is widely used, it will cause a series of problems, such as affecting the stability of the financial system. Problem, "said Randolphs, the savings bank manager.

Some time ago the Chicago Board of Trade was licensed to run Bitcoin Futures and plans to offer a contract this month. This move, which is seen as legal, will allow more agencies to invest more in the virtual currency and to a greater extent boost their appreciation.

However, the cryptocurrency remains unregulated and for the next few weeks, the relevant government will include fictitious currency transactions in the regulation of the appropriate money-laundering laws in the amendments proposed by EU legislation.