The Winklevoss twins become the first bitcoin billionaires

  • Bitcoin hit a new high of $US11,826.76 a coin on Sunday, according to Markets Insider data.
  • Bitcoin’s meteoric recent rise means the Winklevoss twins’ $US11 million bet on the cryptocurrency in 2011 is now worth over $US1 billion.

LONDON – Bitcoin is back to its winning ways, posting a record high on Sunday and making billionaires of the twins Cameron and Tyler Winklevoss.

Bitcoin suffered big price falls last week but recovered over the weekend. The digital currency hit a new high of $US11,826.76 a coin on Sunday, according to data from Markets Insider, surpassing its previous high of about $US11,300.

UPDATE:
Bitcoin passed this price on Tuesday. Read the full story here.

The digital currency retraced some of its gains Sunday after hitting the peak. As of 8.05 a.m. GMT (3.05 a.m. ET) on Monday,bitcoin was up 2.79% against the dollar to $US11,554.83.

Bitcoin has attracted interest from both ordinary investors and institutions. Last week it emerged that the exchange operator Nasdaq could follow its rival CME Group in launching bitcoin future contracts next year, a sign that professional investors are increasingly taking the asset seriously.

Investors are being drawn in by the promise of big gains.The Telegraph reported over the weekend that the Winklevoss twins, known for suing Mark Zuckerberg saying he stole the idea for Facebook from them, had become the world’s first bitcoin billionaires.

The two former Olympic rowers disclosed in 2013 that they owned $US11 million worth of bitcoin. The cryptocurrency’s meteoric rise since then – it has risen by over 1,000% this year – has propelled that investment to over $US1 billion, according to The Telegraph. The Winklevoss twins are long-time bitcoin bulls and are also investors in the crypto exchange Gemini.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.