- Bitcoin settles into a comfortable zone just below USD 9,800
- A movie has been agreed for the film version of Bitcoin Billionaires, the story of the Winklevoss twins’ rise to crypto fame
- A $1 challenge has seen Bitcoin beat gold by some distance, comparing a luxury yacht to a candy bar
Bitcoin markets continue to elude confident directions today with a rather narrow trading range separating the day’s low of USD 9,610 and the high of USD 9,870 (CoinDesk). The bears will be happy that USD 10,000 remains out of reach for the time being, but the bulls will be equally motivated by the recovery it’s made since slipping about USD 1,000 last week.
Whatever the outlook for this week, more news of mainstream adoption has emerged, this time with famous twin billionaires Tyler and Cameron Winklevoss agreeing to produce what appears to be a big budget autobiography on the silver screen.
The twins, whose incredible rise to crypto stardom and billions is documented in the book ‘Bitcoin Billionaires’ have agreed with former Warner Bros. president Greg Silverman’s production company Stampede Ventures to turn the book into a movie.
A Deadline report says that Silverman will produce the film along with Jon Berg, who gained fame in the superhero genre with hugely popular titles Wonder Woman and Aquaman.
The book itself was authored last year by Ben Mezrich when the famous twins officially became billionaires, although their story first emerged through the same author’s other bestseller, ‘The Accidental BIllionaire’, which apparently inspired Oscar-winner The Social Network. The earlier book was a riveting tale of how the twins battled Facebook and its owner Mark Zuckerberg in court, claiming that the CEO had stolen their idea. A court ruling eventually awarded the brothers USD 65 million in settlement in June 2011, after which they invested USD 11 million into Bitcoin two years later, with the digital asset’s subsequent price boom creating millionaires and then billionaires out of the two.
Silverman claims the film inspiration came from finishing the book with his son, which they received an early copy of when interning at Winklevoss Capital. He claims:
“Upon finishing it, it was clear to both of us that Cameron and Tyler’s remarkable redemption story, coupled with Ben’s masterful writing, would lend itself to a one of a kind movie… This is Rocky II meets Wall Street in a world filled with unique and mesmerizing characters.”
Whether or not you agree this is worthy of comparison with a Stallone classic, we move on to yet another tale of immense wealth from investing into Bitcoin, except this is really a hypothetical challenge laid down by crypto statistician Willy Woo.
I made a new live chart for gold bugs.
$1 invested over 10.7 years…
— Willy Woo (@woonomic) June 9, 2020
Woo revealed, perhaps cheekily, that a mere dollar invested into Bitcoin in 2009 would result in an appreciation in value that would see the buyer afford a luxury yacht worth USD 12.8 million right now. On the other hand, a similar investment in gold could only buy you a candy bar today.
His Tweet took a pot shot at gold bugs, who frequently insist that Bitcoin was nothing like the precious metal, and Woo is saying that gold’s performance over the past ten years makes Bitcoin the obvious winner as a macro asset, not only in that 10-odd year timeframe, but in current year to date terms. He commented:
“I made a new live chart for gold bugs. $1 invested over 10.7 years… Today’s value: Bitcoin: $12.8m (a luxury yacht) Gold: $1.66 (a snickers bar).”
It does disguise the fact that gold bought in 2009 would have achieved today’s value already in 2011 –only that it has fallen since and is only now approacing its all-time highs in price. Perhaps the most well-known gold bug in the crypto space is Peter Schiff, who is always keen to take to social media to speak volumes of gold, and thrash Bitcoin. He has been given Bitcoin in the past by the community though, and has admitted he does not know enough of the technology to make fair comments.
Image Courtesy: Pixabay