Winklevoss Twins Behind One of Biggest Bitcoin Hauls

Former Zuckerberg rivals: digital currency 'here to stay'
By Matt Cantor,  Newser Staff
Posted Apr 12, 2013 6:21 AM CDT
Winklevoss Twins Behind One of Biggest Bitcoin Hauls
In this July 25, 2007 file photo, twin brothers Cameron, left, and Tyler Winklevoss talk with reporters following a news conference in Boston.   (AP Photo/Charles Krupa, File)

The Winklevoss twins of Facebook fame/infamy are leading the charge on another digital frontier: the digital currency known as bitcoin. Their holdings translated to some $11 million in actual money, they say; that is, before values dropped drastically yesterday. But Tyler and Cameron are confident in their investment. "People say it’s a Ponzi scheme, it’s a bubble," says Cameron."At some point that narrative will shift to 'virtual currencies are here to stay.'"

Tyler puts it this way: "We have elected to put our money and faith in a mathematical framework that is free of politics and human error." The Winklevosses' bitcoin portfolio seems to be among the largest out there, the New York Times reports, and they're being very careful with it. They've put the coding behind their holdings on flash drives, which they placed in safe deposit boxes in three cities. But others aren't so sure the currency will hold up. "To say (the investment is) highly speculative would be the understatement of the century," says an expert. (More Facebook stories.)

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