Winklevoss Twins Say Bitcoin Will Overtake Facebook

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Winklevoss Twins Say Bitcoin Will Overtake Facebook

Two of the world’s leading bitcoin investors said bitcoin will get bigger than Facebook.

The two brothers heard about bitcoin for the first time from a mutual friend while on vacation. They said the friend approached them and started telling them about the virtual currency, sparking interest right from the beginning.

Both Tyler and Cameron Winklevoss won a $65 million payout from Facebook after taking Mark Zuckerberg to court accusing him of having stolen their idea of a social network at Harvard.

Tyler explained that after having done with litigations over Facebook for five years, they decided time was ripe to move on into a new concept. At that particular time, the twins were getting back into the technology world, he added.

Winklevoss is adamant that bitcoin can grow even bigger than Facebook, with a current market value of about $151 billion.

“Bitcoin is a protocol for decentralization, so you could build a decentralized company on top of it, a stock market. It’s an internet of ownership, so it’s not quite a direct comparison. In the same way Facebook encouraged us to be socially open, bitcoin encourages us to be financially open,” Winklevoss told The Guardian.   

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The twin brothers have a vision for bitcoin based on the concept of decentralization, whereby transactions don’t go through the hurdles of middlemen, with developing markets having an equal shot at global scenarios.

The current market capitalization of bitcoin is the equivalent of $5.7 billion, which represents the value of all existing bitcoins. The Winklevoss twins control about 1% of all bitcoin in circulation, a stake that pushes them to see to it that bitcoin succeeds.

According to ValueWalk, analysts in the financial sector are usually worried of price volatility witnessed in equities and commodities markets, but the Winklevoss brothers don’t see that it as an obstacle for bitcoin.

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To contact the reporter of this story; Deepak Tiwari at deepak@forexminute.com