What Bitcoin giveth, Bitcoin taketh away.
Cameron and Tyler Winklevoss, the twin brothers who became billionaires after the run-up in the price of Bitcoin and other digital assets toward the end of last year, have seen their fortunes drop 37% in the past month as the cryptocurrency plunged.
Bitcoin dipped below $10,000 Wednesday, extending a rout that has sliced $443 million from the net worth of each brother, leaving them with $739 million apiece, at least on paper, according to the Bloomberg Billionaire Index.
Bitcoin dropped 10 percent to $9,544.09 as of 11 a.m. in New York, the first time it traded below the $10,000 threshold since Dec. 1, according to consolidated pricing data collated by Bloomberg. It peaked at $19,511 on Dec. 18.
Still, the twins may not be too concerned. They intend to hold their Bitcoin for the long-term and expect it to “appreciate by 10 to 20 times its current value,” Cameron Winklevoss said in a Dec. 8 interview with Bloomberg.