The bear trend of the Cryptocurrency market had an adverse effect on the industry. Virtually every aspect of the industry felt the impact of the trend, as many firms folded up and many sold their crypto holdings.
One of many investors that equally fell victim of the winter market is the Winklevoss twins. The Winklevoss twins, Tyler and Cameron Winklevoss, became billionaires during the 2017 bull run. Their fortunes changed from being ‘billionaires’ to ‘millionaires’ during the crypto-winter market. However, the recent bullish move of the crypto market has made them billionaire once again.
The Winklevoss twins are the founders of US-based crypto exchange, Gemini. They are more famous for trying and failing to gain control of Facebook, after alleging their idea was stolen by Mark Zuckerberg. $11 million out of the $65 million settlement they won from their lawsuit against Zuckerberg was invested in Bitcoin four years ago when the price of Bitcoin was still $120.
The twins saw their investment fall to the tune of about $600 million during the bear market. However, the recent surge in the value of Bitcoin that saw it rise above $11,000 and $12,000 has led to the worth of their Bitcoin holdings to rise to the tune of $1.4 billion, making them billionaire again.
Their rise to the status of billionaire again indicates the virtue of patience in investment. The winter period witnessed many sells off. However, the bullish trend that is emerging indicates that there is still a lot of opportunities and gains to be exploited in the Crypto space, but is meant for the patient only.
Meanwhile, the Winklevoss Twins have a grand design for crypto adoption and growth. This has been shown in the exploit of Gemini exchange and their application for Bitcoin ETF last year, which was rejected by the US SEC.
