The Winklevoss twins are back:
The twin brothers who sued Mark Zuckerberg claiming he stole the idea for Facebook are worth more than $1 billion after capitalising on the astonishing rise in bitcoin.
A $US11 million ($14 million) bet on bitcoin made by Tyler and Cameron Winklevoss more than four years ago has ballooned by almost 10,000 per cent after last week’s price surge. It is believed to be the first billion-dollar return made by a cryptocurrency investor, a landmark moment for the controversial asset.
…The rise has made millionaires out of many of its early backers but the Winklevoss twins are believed to be the first public figures to have turned an investment into more than $1 billion.
I suspect BTC will go higher yet but my advice is to the Winkelvoss boys is to progressively sell down, via the UK Telegraph:
Ministers are launching a crackdown on the virtual currency Bitcoin amid growing concern it is being used to launder money and dodge tax.
The Treasury has disclosed plans to regulate the Bitcoin that will force traders in so-called crypto-currencies to disclose their identities and report suspicious activity.
Until now, anybody buying and selling Bitcoins and other digital currencies have been able to do so anonymously, making it attractive to criminals and tax avoiders.
But the Treasury has now said it intends to begin regulating the virtual currency, which has a total value of £145 billion, to bring it in line with rules on anti-money laundering and counter-terrorism financial legislation.
The new rules, which will be applied across the European Union, are expected to come into force by the end of the year or early in 2018, the minister in charge has said.
Meet the thin end of the wedge. The only reason BTC exists is avoid tax and other official systems. At some stage all governments will figure that out.
