Facebook’s Libra May Resolve Bad Blood Between Winklevoss Twins and Mark Zuckerberg

  • Bitcoin has risen above $9,000, as of Sunday.
  • The new Facebook stablecoin may allow for the Winklevoss brothers and Mark Zuckerberg to be “frenemies.”

The dispute between Mark Zuckerberg and the Winklevoss twins – Cameron and Tyler – has been heavily publicized, even providing the basis for the feature film The Social Network. Years ago, the brothers won a $65 million settlement against Facebook when they accused Zuckerberg of stealing their idea to launch such a social network. Now, with the entry of Facebook into the crypto space with their Libra project, it is possible that the brothers will be making peace.

During an interview with CBS’s “Sunday Morning,” Cameron commented that it would be in their best interest to become “frenemies” with Facebook and Zuckerberg. More specifically, Cameron said,

“There’s so much pie to grow, I mean, at this point, we need to be frenemies.”

Anyone in the crypto industry knows how vocal and prominent the brothers are in the space, as both are co-founders of the Gemini exchange. Joining in on the cryptocurrency space, Facebook announced their own cryptocurrency – Libra – today. However, in reports in May by the Financial Times, the twins were already speaking with Zuckerberg about digital currency.

As the announcement was released, Bitcoin ended up being pushed above the $9,000 price level on Sunday after the episode, which is the first time that it has reached this price level in over a year. Presently, Bitcoin is still enjoying this attention and is presently priced at $9,064.63.

The Winklevoss brothers first learned about Bitcoin in 2012, finding that Bitcoin is essentially “money that works like your email,” as they stated on Sunday Morning, considering how fast the transactions occurred and how simple it was to use. Cameron told the interviewer that he turned to speak with his brother, saying that Bitcoin could either be

“the next big thing or total BS.”

The Harvard and Oxford graduates made such a strong move to get into Bitcoin, becoming well known for their aggressive push into the market. Tyler stated, “Our thesis at the time was, bitcoin’s going to disrupt gold. And gold has a market cap of $7 trillion today. So, if bitcoin’s gonna be worth $7 trillion or more, this seems like a cheap asset.”

When the Winklevoss brothers first got involved, Bitcoin was only priced at around $8 or $9, as stated on Sunday Morning.

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