shared from Bitcoin Insider |
(The Washington Post) A lot of people laughed at Tyler and Cameron Winklevoss when they announced in April that they had acquired $11 million worth of bitcoins. The announcement came on April 11, the day after the virtual currency hit a record high of $266 and then plummeted to $120. Over the next few days, it would fall as low as $50, cutting the value of the brothers’ Bitcoin stake in half.
But since then, their investment has paid off big-time. A source close to the Winkelvoss brothers says they haven’t sold any of their bitcoins since April. Bitcoins are now worth $350, almost three times the $120 The New York Times quoted in its April 11 story. So that $11 million worth of bitcoins is now worth around $32 million.
Almost tripling your money in seven months isn’t bad. But the Winklevii may have done even better than that. The Times reported that the brothers “began dabbling in bitcoin last summer when the dollar value of a single coin was still in the single digits.” If they bought bitcoins at the July 2012 price of $9, each one is now worth 40 times what they paid for it.
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Without third party bitcoin is safer than Fed notes