Winklevoss twins Cameron and Tyler, the co-founders of the cryptocurrency exchange Gemini, have been ardent supporters of Bitcoin BTC/USD and cryptocurrencies and continue to lobby for policy changes that benefit the industry.
But not many know of the incident that hooked them to the apex cryptocurrency. Here's how it goes.
What Happened: In the late summer of 2012, the twin brothers were vacationing on the Spanish island of Ibiza, a popular party destination.
It was here that a person called David Azar approached them and casually started speaking about Bitcoin, worth just over $10 back then, small enough to be dismissed by the majority in traditional finance.
"We found Bitcoin in Ibiza of all places, on holiday in the summer of 2012. We started digging into it and learning about it when we got back to the States. Pretty quickly, the light bulb turned on; there's that "aha" moment because the more we dug into Bitcoin, three things… https://t.co/LrQPuZ2RQH pic.twitter.com/vfVuCGdflQ — Cameron Winklevoss (@cameron) June 20, 2023
However, the conversation intrigued the brothers, and they dug deeply. After extensive research, the duo started to put the money into the apex cryptocurrency and began their journey into establishing a big cryptocurrency empire.
If you had spent $1000 when this happened on Aug. 19, 2012, it would have fetched you 86.13 Bitcoins, at a per unit price of $11.61.
Cut to the present, one Bitcoin is worth $61,123. So, if you resisted selling your stash for 12 years, it'd be worth a whopping $5.26 million.
See Also: Bitcoin Looking Bearish While Equities Are At All-Time Highs: What Gives?
Why It Matters: The Winklevoss twins have been one of the loudest critics of the Joe Biden administration's cryptocurrency policies, and their complaints have continued with Kamala Harris, the new Democratic presidential contender, after the incumbent's withdrawal.
The two have made significant Bitcoin donations to support the campaigns of politicians deemed to be pro-cryptocurrency, including those of former President Donald Trump and John Deaton, a pro-crypto candidate running against Senator Elizabeth Warren (D-Mass.).
The twins still own an estimated 70,000 Bitcoins, in addition to other digital assets, according to data from Forbes.
