Last updated on November 11th, 2013 at 03:02 pm
The popular adage says that “He who laughs last, laughs best” and that couldn’t be truer when you think about the Winklevoss twins.
In April, when they decided to invest $11 million in Bitcoin, several investors and businessmen laugh at their expense. However, now they are paying the bill, as the Winklevii were able to triple that initial investment into $32 million in just seven months, the Washington Post reports.
Tyler and Cameron weren’t so lucky in the beginning. They announced the Bitcoin shopping spree on April 11, after the record high of $266. On that day, each digital coin cost $120, but a downward spiral led to a low of $50. Nevertheless, they decided to hold on tight and were soon smiling again. According to a source close to the Winkelvoss brothers, they haven’t sold any of their Bitcoins since April.
One Bitcoin is now worth around $350: almost three times $120, the price on April 11, as stated by the New York Times. This means the coins that were once worth $11 million are currently worth around $32 million.
But there’s more. The Washington Post adds that the twins began investing in Bitcoin in July 2012, when each coin cost $9. If they bought some at the time, they are now worth 40 times more. Since the beginning of their crypto-adventure, the Winklevii turned into owners of around one percent of all the digital coins in circulation, which are now worth more than $40 million.