Dec 4, 2017

Bitcoin hits new high above $11,500 as the Winklevoss twins become the first bitcoin billionaires

Bitcoin is back to its winning ways, posting a new record high on Sunday.


Bitcoin suffered big price falls last week but recovered over the weekend. The digital currency hit a new high of $11,826.76 per coin on Sunday, according to data from Markets Insider, surpassing its previous high of around $11,300.

The digital currency retraced some of its gains on Sunday after hitting the peak. As of 8.05 a.m. GMT (3.05 a.m. ET), bitcoin is up 2.79% against the dollar to $11,554.83.

Bitcoin's rise comes amid continued interest in the digital currency from both ordinary investors and institutions. Last week it emerged that exchange operator Nasdaq could follow 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, who famously sued Mark Zuckerberg saying he stole the idea for Facebook from them, are now the world's first bitcoin billionaires.

Former Olympic rowers Cameron and Tyler Winklevoss disclosed in 2013 that they owned $11 million worth of bitcoin. The cryptocurrencies meteoric rise since then — it has risen over 10,000% this year alone — has propelled that investment to over $1 billion, according to the Telegraph. The Winklevoss twins are long-time bitcoin bulls and are investors in crypto exchange Gemini.

Business Insider

Oscar Williams-Grut