The Faces of Bitcoin’s History

If Bitcoin had its own Mount Rushmore, who’d make the cut? Hal Finney, sure. Jack Dorsey, probably. Adam Back? Maybe. Some might argue for Tim Draper or even Ross Ulbricht. But no matter who you pick, it’s hard to leave out Tyler and Cameron Winklevoss.

The real Mount Rushmore represents four phases of American history: founding, expansion, development, and preservation. For Bitcoin, the Winklevoss twins fit squarely into the expansion category. Back in 2013, they pushed Bitcoin further into the mainstream than almost anyone else at the time—trying to give it legitimacy through an ETF.

The First Bitcoin ETF Attempt

Twelve years ago today, the twins filed paperwork for the *Winklevoss Bitcoin Trust*, a first-of-its-kind ETF. They put up $20 million worth of bitcoin—about 200,000 BTC at the time. That’s roughly 1% of all bitcoin in circulation back then.

It’s wild to think about now. At $120 per coin in 2013, their stash would be worth over $10 billion today. They’d been quietly buying through their family office, Winklevoss Capital, before making their move.

“We’re betting on a system that’s free from politics and human mistakes,” Tyler told the *New York Times*. Each share of the trust was supposed to represent 0.20 BTC—about $24 back then, or $21,000 now.

The structure wasn’t flashy. It mirrored gold ETFs like SPDR Gold Shares (GLD), with bitcoin held in bank vaults and managed by a Delaware Trust Company unit. Later filings named Gemini, their own exchange, as the custodian.

Why It Mattered—And Why It Failed

The idea was simple: make bitcoin accessible to regular investors. The proposal called it a “cost-effective and convenient” way to get exposure without the headaches of self-custody.

But the SEC wasn’t ready. They took four years to officially reject it, finally saying in 2017 that bitcoin ETFs needed oversight from regulated markets. The news briefly tanked bitcoin’s price by 18%, though it bounced back fast.

It took another seven years—until January 2024—before bitcoin ETFs finally launched in the US. By then, the Winklevoss twins were no longer the ones leading the charge. Still, their early push was a big part of Bitcoin’s journey from niche internet money to Wall Street.

Funny how things work out. Their idea was ahead of its time, but without those early attempts, who knows where we’d be? Maybe Bitcoin’s Rushmore *does* need their faces after all.