American entrepreneurs and rowers, The Winklevoss twins first came to public limelight when they accused Mark Zuckerberg of stealing the idea of Facebook. Now, years later, they are back as the first Bitcoin Billionaires of the world.
Winklevoss Twins
Cameron Winklevoss and Tyler Winklevoss have shown great interest in Bitcoin investments. About 4 years ago, they shocked the world with the purchase of $11 million worth Bitcoins. Since then, the value of their purchase has escalated and when the value of Bitcoin grew to be around $11,000 their returns grew to be more than $1 billion.
What if they decide to cash it out?
Well, the total trading volume of money across all Bitcoin trading exchanges is around $2 billion, thus, it would be very a difficult and slow process to transact that big sum. Also, it would quite significantly depress the whole market.
Yet, if they end up wanting to cash out some of their fortunes, the twins could go for the Bitcoin exchanges like Unocoin which act as a medium for people who seek to buy or sell the cryptocurrency. However, such a big sell order would bring the price for buying Bitcoin stumbling down.
In the case of transactions involving billion of dollars, this would be more complicated than it looks. The two brothers are considering bringing in law firms for establishing trust on both sides. Also, complying with the tax rules, anti-money laundering measures as well as KYCs might be incorporated. All this must be done as the amount being talked about is huge and there shouldn’t be any risks taken in the process.
With every such transaction, the market price is sure to tumble. So every time the twins decide on cashing out a particular sum of their owned Bitcoins, they would get lesser value for it than the previous time. But they don’t seem to have any plans to cash out any time soon. The twins in fact think the price could climb even higher!
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