Published: Tue, December 05, 2017
Markets | By Rosalie Gross

Mark Zuckerberg rivals Winklevoss Twins are the world's first Bitcoin billionaires

Mark Zuckerberg rivals Winklevoss Twins are the world's first Bitcoin billionaires

Despite the rising popularity of Bitcoin trading not only among technologists, investors, and the masses, there are financial experts who are dismissing its real value - claiming that it is a fraud. Even JP Morgan's senior analyst Tom Lee has confirmed the optimistic estimates it wants to climb within five years to $ 25,000, endorsing his undisputed commercial success.

An $11m (£8m) bet on Bitcoin made by Tyler and Cameron Winklevoss over four years ago has ballooned by nearly 10,000pc after last week's price surge.

"If you like gold, there are many reasons you should like Bitcoin", Cameron said.

It has been a rollercoaster ride for the digital currency in the past week.

Last week, the digital currency hit $11,395 to continue its drastic rise in value over the past few days.

Despite controversy surrounding the long-term implications of investing in bitcoin, the twins say they're committed to the digital currency. On Gemini, people could swap dollars and other cryptocurrencies for Bitcoins and vice versa.

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Still, the twins themselves have noted that older Bitcoin aficionados probably have larger holdings.

An increasing number of countries are now getting regulators to look at bitcoin and investing in blockchain, which legitimises the cryptocurrency. They've spent much of the last two years attempting to launch their own bitcoin exchange, a dream that was dashed by the Security and Exchange Commission this spring in its latest regulatory hurdle.

Bitcoin trading in Japanese yen accounted for about 58% of trading volume, while US dollar-bitcoin trading accounted for about 23%, according to CryptoCompare.

There is also a steady increase in interest from institutional investors.

Whether this will affect how the coin is traded remains to be seen. And the world just got its first set of Bitcoin billionaires.

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