Winklevoss Twins Net Worth Takes Tumble After Bitcoin Prices Plummet
Cameron and Tyler Winklevoss, best known together as the Winklevoss twins, have lost their status as billionaires following the sudden drop in the value of cryptocurrencies including Bitcoin, Bloomberg reported.
Following Bitcoin’s drop below the $10,000 mark on Wednesday, each of the Winklevoss brothers lost a projected $443 million, leaving them with about $739 million each—no small fortune to be sure, but enough to remove them from the Bloomberg Billionaire Index.
The last three days have been challenging for many Bitcoin investors, with the cryptocurrency experiencing a sudden and seemingly continuous price drop. The digital currency went from being valued at more than $14,000 Sunday to as low as $9,532 on Wednesday. The currency peaked at $19,511 on Dec. 18 and has lost nearly half of its value in the course of one month.
Bitcoin’s value has appeared to stabilize somewhat, settling in around the $10,000 mark after the slide, but the cryptocurrency has proven to be volatile and difficult to predict in its behavior. It experienced incredible growth over the course of 2017 after starting the year valued at less than $1,000 and now appears to be experiencing what is at best a correction and at worst a crash.
Other cryptocurrencies have also taken a tumble in the wake of Bitcoin’s drop. Digital coins including Ethereum and Ripple also saw their prices plummet in recent days. At one point, nearly the entirety of the cryptocurrency market had dropped in value by about 30 percent.
That sudden drop means the Winklevoss twins likely are not alone in feeling the pain of the market correction. A recent study found nearly 96 percent of all wealth tied to Bitcoin is currently held by four percent of owners. Those wallets have precipitously gotten smaller over the last few days.
Despite the drop off, the Winklevoss twins are unlikely to give up on Bitcoin and cryptocurrency. The two are heavily invested in the technology and have been two of the most prominent activists for the digital currency—though a number of their ventures have fallen short in the past.
The Winklevoss twins helped lead a funding round for bitcoin payment processor BitInstant in 2013—a short-lived endeavor that came to a close when the company’s CEO was arrested and charged with money laundering as the result of an investigation into the dark web market Silk Road.
The duo continued dumping support into cryptocurrency after the incident, launching financial index Winkdex to track the price of Bitcoin and creating a Bitcoin exchange platform called Gemini.
The twins attempted last year to launch an exchange traded fund (ETF) centered around Bitcoin. The Winklevoss Bitcoin Trust ETF failed to pass the application process from the Securities and Exchange Commission after the agency determined the proposed fund was susceptible to fraud due to the digital currency’s unregulated nature.
Despite the failed endeavors, the brothers have managed to make a considerable portion of their wealth through Bitcoin and cryptocurrency.
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