Cameron and Tyler Winklevoss are not just any names in the crypto world— these twins have an intriguing journey. Alongside being celebrated Olympians and esteemed Harvard graduates, they’ve cemented their legacy as Bitcoin billionaires.
Cameron & Tyler Winklevoss, as depicted in a classic image, Mashable .
Winklevoss Twins Early Years
Hailing from Southampton, New York, but raised amidst the charm of Greenwich, Connecticut, their remarkable story begins. As students at Brunswick School—a prestigious all-boys institution—the twins thrived academically, showing a flair for Latin and Ancient Greek. Inspired by Ethan Ayer, a neighbor, and coached by James Mangan, they proposed the creation of a rowing team to their headmaster.1And to this very day, the Brunswick School's rowing team thrives and competes.
From a young age, the Winklevoss twins recognized their unique talents. As high school sophomores, triumphant ergometer tests ranked them among the top junior rowers nationwide. Their passion propelled them onto the junior national rowing stage, eventually leading them to Harvard, where they won national championships in 2003 and 2004, suffering only a single loss during their college careers.
The twins rowing for USA, Image from Dailybeast .
Post-graduation, Cameron and Tyler remained dedicated to rowing, competing internationally. The 2007 Pan American Games marked their first taste of international success, where they, alongside teammates Sebastian Bea and Gabe Winkler, secured a silver medal with a strong second-place finish.2With their eyes set on the 2008 Beijing Olympics, the dedicated duo trained diligently at Clemson University. Through trials in both small and large boats, coaches determined that a two-man setup best utilized the twins' talents.
Despite a promising attempt in the coxless pair event, they missed the qualifying spots in their initial heat. However, in the Repechage—their last shot—they clinched first, securing a semifinal berth. Their performance advanced them to the finals, where they proudly finished sixth among fourteen countries.3.
Facebook Drama
While the Olympics brought them into the spotlight, it’s their entanglement with Harvard's Mark Zuckerberg that cemented their fame. At Harvard, inspired by a shared vision with Divya Narendra, they nurtured the idea for Harvard Connection, later branded as ConnectU.4The blueprint for ConnectU was laid out in December 2002, when Narendra shared his vision with the twins, leading them to join forces to make the concept reality.
Realizing their coding limitations, they expanded the team by bringing on skilled programmers. By November 2003, a trio—Sanjay Mavinkurve, Joe Jackson, and Victor Gao—had laid the foundational code, including the front-end, database, and registration system, ready for implementation. The project's broader university rollout faced delays until a change replaced Victor Gao.
Releasing 'The Social Network,' they are depicted at the film's premiere, TheNextWeb
Enter Mark Zuckerberg, whose reputation as the developer of 'Facemash' preceded him. A controversial yet impressive project, it paired student photos for attractiveness votes, catching not only attention but also the interest of the Winklevoss Twins. Subsequently, Zuckerberg replaced Gao as the chief programmer.
Initially, the project's future looked promising with Zuckerberg's assurance, stating, 'Most of the coding is done; a final graphical touch and it'll be ready.'5Tensions soon surfaced as Zuckerberg became evasive, repeatedly deferring progress showcases and making himself unavailable. Although confirming his interest, by February 2004, Facebook was live, leading the twins to promptly pursue legal action.
Bitcoin Investment
The episode with Zuckerberg might have discouraged others, but the Winklevoss Twins capitalized on the turmoil. Winning $65 million through litigation against Facebook, they wagered $11 million in Bitcoin. While many dismissed their investment as reckless, Cameron and Tyler knew their plan's potential.6Acquiring about 120,000 Bitcoins below $10 each, their investment has swelled dramatically, making the twins billionaires. While other newfound crypto millionaires diversified into tangible luxuries like cars and sports teams, Cameron and Tyler Winklevoss chose a different path. Investing further, they've amassed $350 million in other digital currencies.
Unswayed by risk, the twins thrive amid uncertainty, anticipating success not over mere days but sustained across years. namely Ethereum , created by Vitalik Buterin They employ extraordinary measures to safeguard their wealth. The typical approach would use a cold wallet with private keys, but the Winklevoss strategy stretches beyond that. Business Insider reports they divide and store fragments of their private key in dispersed banks nationwide.7
Typical they are certainly not, nor is their impressive fortune.8Their enterprise doesn't end here. With Gemini, their web-based exchange, they continue to embody their ethos of fund security. Gemini, too, features inventive key distribution protocols and boasts a license from New York State regulators, permitting them to hold Bitcoin for banks and asset managers.
Gemini Exchange
This positioning has allowed Gemini to gain trust among investors and, as Ari Paul from BlockTower Capital puts it, operate as an 'underappreciated exchange' adeptly expanding its Manhattan headquarters to 35,000 square feet.
For more insights into their thriving business strategy.
Take a look at our full Gemini Exchange review Critics remain vocal to this day, doubting the Winklevoss' investment choices. Yet against this backdrop of skepticism, the duo thrives, with Tyler expressing that opposition 'fuels our resolve like oxygen and wind in our sails.' Propelled by the belief that to 'live by the sword, you must die by the sword,' they continue venturing fearlessly into bold investments, unfazed by derision.
Conclusion
Caracas, Venezuela defined my early life, later transitioning to South Florida. I pursued dual degrees in History and International Relations, followed by an enriching year in Germany. Currently, I’m a graduate student at the University of Florida.
References
- http://www.27east.com/news/article.cfm/Quogue/155336/Twin-rowers-headed-to-Olympics
- http://articles.latimes.com/2007/jul/19/sports/sp-panbox19
- http://www.espn.com/oly/summer08/results?eventId=360
- http://www.informationliberation.com/?id=24402
- http://www.informationliberation.com/?id=24402
- http://www.businessinsider.com/winklevoss-twins-cut-up-key-to-protect-their-bitcoin-fortune-2017-12?r=UK&IR=T
- https://www.nytimes.com/2017/12/19/technology/bitcoin-winklevoss-twins.html
- http://www.businessinsider.com/winklevoss-twins-cut-up-key-to-protect-their-bitcoin-fortune-2017-12?r=UK&IR=T
