The twins annouce they own nearly $11 million of the virtual currency, one of the single largest portfolios of the digital money. At this time the total market size of Bitcoin is $1.3 billion.
Cameron: People say it’s a Ponzi scheme, it’s a bubble. People really don’t want to take it seriously. At some point that narrative will shift to ‘virtual currencies are here to stay.’ We’re in the early days.
The brothers began dabbling in bitcoin in summer 2012 when the dollar value of a single coin was still in the single digits. To keep their holdings secure from hackers, they have taken the complex codes that represent their holdings off networked computers and saved them on small flash drives, putting the drives, in turn, in safe deposit boxes at banks in three different cities.
Tyler: We have elected to put our money and faith in a mathematical framework that is free of politics and human error. It has been four years and it has yet to be discredited as a viable alternative to fiat currency. We could be totally wrong, but we are curious to see this play out a lot more.