Winklevoss Twins invest heavily in Online Gambling Currency Bitcoin

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Tyler and Cameron Winklevoss, who became famous for suing Facebook founder Mark Zuckeberg, have confirmed a large investment in the virtual currency Bitcoin. The Winklevoss twins own 1% of all bitcoins (108,000 units), which, given the current market, is worth around $1.3 billion.

They paid $11 million for their stake in Bitcoin, and believe that the investment will continue paying off in the future. Cameron explained the move by saying, "People don't really want to take it seriously. At some point that narrative will shift to 'virtual currencies are here to stay.' We're in the early days."

For those who are unaware of what bitcoins are, this virtual currency was created in 2009 so that people could anonymously pay for goods and services online. Bitcoin is not backed by any bank or government and is basically worth what people determine.

The market has been fluctuating wildly on bitcoins over the past week since they were worth $266 a unit on Wednesday, but later fell to $105. As of today (Sunday, April 14th), they are selling for $150 a piece.

One aspect that has really driven up the price of bitcoins over the years is that they are used in many illegal and sketchy transactions. For example, people like to use the currency to purchase black market drugs off the website Silk Road Drugs. Bitcoin is also popular in the online gambling world, which isn't nearly as questionable as the illegal drugs industry, but still targeted by some governments.

Going back to the Winklevoss twins, they gained considerable fame after being portrayed in the movie The Social Network. Their portrayals were based on a real life story that involved them suing Zuckerberg for $140 million. They claimed that Zuckerberg stole their ConnectU idea, and the twins eventually settled for a $45 million payment and stock in Facebook.