Thursday, 16 August 2018

Why Cameron Winklevoss drives an ‘old SUV’ even though the twins are bitcoin billionaires

Their mentality appears to be focused on investing rather than spending. “Long term, directionally, it is a multitrillion-dollar asset — I don’t know how long it takes to get there,” Cameron Winklevoss tells CNBC. They’re willing to be patient. As Cameron wrote in a 2013 Reddit, Ask Me Anything post, “I’m in this for the long-haul.”

The Times reports Cameron and Tyler did sell a portion of their coins to launch Gemini, a cryptocurrency exchange on which people can buy and sell bitcoin, but they have no other plans to sell their stake. A representative for Winklevoss Capital, the brothers investment firm, declined to comment.

Whether or not you’re getting rich off of crypto, there is a good lesson you can take away from the Winklevoss twins: Money you don’t spend on luxuries like fancy cars can be invested, and that lets it keep growing over time.

As ‘Shark Tank’ investor Kevin O’Leary puts it in a conversation with CNBC Make It, “The truth is, there is a lot of crap you don’t need.”

“Anytime I pick up something I’m going to buy, I say to myself, ‘Do I really need this?'” O’Leary explains. “Because if I don’t buy it, the money is going to be invested and make money every year for me while I’m sleeping.”

Bitcoin skeptics like Warren Buffett, who tells CNBC “almost with certainty” that cryptocurrencies “will come to a bad ending,” recommend investing in low-cost index funds, a way to cheaply hold diverse positions in the largest companies in the stock market.

“Consistently buy an S&P 500 low-cost index fund,” Warren Buffetttells CNBC’s On The Money. “I think it’s the thing that makes the most sense practically all of the time.”

Don’t miss: 6 must-read books about bitcoin

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