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The $11 million in bitcoins the Winklevoss brothers bought is now worth $32 million

November 11, 2013 in Bitcoin, Investing, News, Virtual currency

By: Timothy B. Lee The Switch. Nov, 9th, 2013. (http://www.washingtonpost.com)

A lot of people laughed at Tyler and Cameron Winklevoss when they announced in April that they had acquired $11 million worth of bitcoins. The announcement came on April 11, the day after the virtual currency hit a record high of $266 and then plummeted to $120. Over the next few days, it would fall as low as $50, cutting the value of the brothers’ bitcoin stake in half.

But since then, their investment has paid off big-time. A source close to the Winkelvoss brothers says they haven’t sold any of their Bitcoins since April. Bitcoins are now worth $350, almost three times the $120 the New York Times quoted in its April 11 story. So that $11 million worth of bitcoins is now worth around $32 million.

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