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Now that Facebook has released its Libra white-paper, Winklevoss twins have become more cautious with their cryptocurrency business. They want to be “frenemies” with Mark Zuckerberg, which means friendly enemies, as reported by CBS’ “Sunday Morning”.
“There’s so much pie to grow, I mean, at this point, we need to be frenemies,” they said on CBS.
The both parties have a very complicated past behind them. Earlier the Winklevoss twins accused Mark Zuckerberg of stealing their idea of a social network back when they went to Harvard together. They went to court and won a $65 million settlement with Facebook.
However, recently, news reports said that both parties had met to talk about the digital currency.
The Winklevoss twins are major investors of Bitcoin and they have a cryptocurrency exchange called Gemini. Within the exchange, they have a stablecoin the ‘Gemini Dollar‘, which is pegged to the traditional fiat reserve. Now when Facebook released the white-paper for their upcoming cryptocurrency Libra, their market positions are being questioned.
Winklevoss Twins Got in Really Early
Cameron remembers that when they found out about Bitcoin he said to his brother:
“Hey, this is either the next big thing, or total BS!”
They both are 37 years old, have graduated from Harvard and Oxford, they are Olympic rowers, and plus all that they made a bold entry in Bitcoin early in 2012. From the early days they already recognized that Bitcoin could disrupt gold.
“Our thesis at the time was, bitcoin’s going to disrupt gold. And gold has a market cap of $7 trillion today,” Tyler said adding: “So if bitcoin’s gonna be worth $7 trillion or more, this seems like a cheap asset.”
There are rumors that both brothers got into Bitcoin when its price was around 8 to 9 dollars. It is estimated that around the time when Bitcoin had reached its all-time high, each of their portfolios was worth around $1 billion. At the moment, their holdings are believed to be worth “many hundreds of millions of dollars”.
Taking into consideration that they have accumulated the amount of Bitcoin they had and turned it into more Bitcoin. Now when they have a working exchange and a stablecoin, it is believed that they have only increased the number of Bitcoins they have.
