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Winklevoss Twins Create First Bitcoin Fund, Hope It Will Be Their Facebook
- 07/05/2013 04:07 PM EDT U.S.
Cameron and Tyler Winklevoss are betting big on the crypto-currency known as Bitcoin. The Harvard graduated twins, who famously sued Mark Zuckerberg for allegedly stealing their idea for Facebook, are the first to create an exchange-traded fund for the digital money. They filed a proposal on Monday with the U.S. Security and Exchange Commission for the chance to let the currency be traded just like any other stock.
Invented in 2009, the advantage of Bitcoins is the international, government-free nature of the web-based cash. The downside: the volatile market it has proven to be. In April, the estimated value went on an up-and-down roller coaster within a 48-hour period starting at $265 million then dropping to $105 million before ending at $200 million. That month, the Winklevii announced that they owned 1% of the locked-in amount available or $11 million worth.