You can get into crypto any time you like, but can you ever leave? A fierce $900 million Bitcoin feud between the billionaire Winklevoss twins and Barry Silbert suggests the virtual currency bubble’s main legacy is a version of Hotel California, with clients desperately hoping for fresh money to pick up the tab — or a change in management that will let them check out.
At the heart of the dispute is a crypto lending business that blew up in spectacular fashion last year after bringing Cameron and Tyler Winklevoss and Silbert together. As relatively early Bitcoin adopters, the moguls no doubt recognized one big challenge in crypto: How to earn money from a pile of virtual tokens with no intrinsic value.
Source: Crypto’s Hotel California Traps the Winklevoss Twins – Bloomberg