Earlier on sunday, 12/03/2017, bitcoin price achieved a new all-time high at $11,874, for the third time this week, after its full recovery from the previous major price correction.
The rapid recovery is the latest in bitcoin’s wild swings. The cryptocurrency had crossed the closely watched $10,000 figure Tuesday and topped $11,000 Wednesday, only to drop more than $1,000 in a few hours amid high trading volume that exchanges initially struggled to keep up with.
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Bitcoin’s rapid gains mean that twins Cameron and Tyler Winklevoss, founders of the Gemini digital currency exchange, are likely the first well-known bitcoin billionaires. The twins together had $11 million in bitcoin at $120 a coin in April 2013. With bitcoin above $11,800, that holding is now worth just over $1 billion.
Tyler and Cameron Winklevoss took a gamble on the currency four years ago with an $11m investment – the sum of which they gained from a $65m settlement from Zuckerberg in 2008.
The brothers claimed Zuckerberg stole their idea for Facebook and sued.
The $11m investment, however, has since increased by almost 10,000 per cent, making it the first billion-dollar return made by a cryptocurrency investor.