Here’s When the Winklevoss Twins First Discovered Bitcoin

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Winklevoss twins Cameron and Tyler are some of the biggest names in the cryptocurrency industry. They founded the Gemini exchange, which is one of the biggest places to buy and sell cryptocurrencies, and which also owns a billion dollars Bitcoin (CRYPTO: BTC) sit down. In this Fool Live video clip recorded on March 18th, Cameron Winklevoss explains to The Motley Fool’s Chief Growth Officer, Anand Chokkavelu, how he and his brother first discovered Bitcoin and knew it was going to be special.

Anand Chokkavelu: As the description of the Bitcoin billionaire would imply, you identified the possibilities pretty early on. What was your “wow” moment with Bitcoin?

Cameron Winklevoss: So my brother Tyler and I found Bitcoin in the summer of 2012. We were in Ibiza of all places. We were actually on vacation and not looking for the next big thing, and someone from Brooklyn recognized us from The Social Network and that Facebook (NASDAQ: FB) Saga and started talking to us. He asked us if we had thought of bitcoin or virtual currency before and we didn’t have that then and it sounded kind of crazy and after a shot of tequila it made a lot more sense. We returned to America and started reading about it as much as possible. I think what we noticed was twofold. First, it was the first money designed specifically for the internet that you could send all over the world like email. It was amazing and groundbreaking to think about. The second thing was, if you look at the properties of Bitcoin, they really reflect gold, and they are actually the same or better gold properties. So if you look at gold, gold is scarce. Bitcoin is really set at 21 million bitcoin, and these are divisible up to 100 million pieces so you don’t have to buy a full bitcoin. This is one of the biggest educational barriers that I think people see Bitcoin for $ 50,000 and say, “I can’t afford Bitcoin.” Well, you can actually go to Gemini and buy just $ 5 Bitcoin . It’s not like Berkshire (NYSE: BRK.A)(NYSE: BRK.B) Class A stocks that you need to raise a couple of $ 100,000. You can actually only buy small fractions. So it’s even more divisible than gold, much more portable, and easier to store because it doesn’t take up any physical space. Storing is obviously one of the tough problems Gemini is trying to solve by giving customers the ability to use Gemini to store their Bitcoin and other crypto data. But really, the gold digital framework in the narrative immediately impressed us as it is a potential up-and-coming store of value that has gold-like properties that work on the internet.

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