Winklevoss Twins Will Not Sell their Bitcoin Even if Price Reaches $300,000
The Winklevoss twins Tyler and Cameron have claimed that they will hold on to their Bitcoin investment even if the price of the dominant cryptocurrency reaches more than $300,000.
They added that they won’t sell their Bitcoin even if the digital currency’s market capitalization (cap) exceeds that of gold at $8 trillion.
The brothers believe that the leading digital currency is better than gold due to its many advantages over conventional assets like transportability, divisibility, fungibility, and security, as well as its programmability as cash.
In an interview with the New York Times, Tyler said that Bitcoin is superior than gold and may continue to innovate and they will be having second thoughts on whether to sell it even at a price of $380,000 per token.
“In a funny way, we’re not sure if we’d sell it even at $380,000. Bitcoin is better than gold. It’s a programmable cash and may continue to innovate.”
Tyler added that they believe in the long-term execution of Bitcoin and the innovative technology behind the virtual currency. Because of these, they are not influenced by the very unpredictable and rapid value movements of the most famous digital currency.
“We are extremely comfortable in high-risk conditions with absolutely no assurance of success. I don’t mean existing in that condition for days, weeks or months. I mean a seemingly endless amount of time.”
In 2012, the brothers received a settlement of $45 million in Facebook shares from Facebook CEO Mark Zuckerberg. This money rose to $300 million in 2013 as the value of Facebook shares skyrocketed.
After encashing their Facebook shares, the twins started to invest in Bitcoin and have obtained 120,000 Bitcoins worth $11 million in just a couple of months.
As of today, the brothers’ Bitcoin are already worth an eye-popping $1.68 billion due to the sustained price surge of the cryptocurrency. The twins have also recently made a move to ensure their fortune is well protected by cutting their Bitcoin keys.