Winklevoss Twins’ Father Donates $4M Bitcoin to School Teaching Theory That Inspired Satoshi

In a press release on Tuesday, Grove City announced that they’ve received their initial Bitcoin donation for cryptocurrency, which will be utilized to establish new business initiatives on campus.

Winklevoss said his ‘eureka’ moment, when crypto first caught his attention, occurred when he realized that bitcoin was non-government, digital money with a fixed supply. “In short, sound money that works like email.”

He initially discovered the concept of sound money during his studies at Grove City College, specifically under Hans Sennholz, a renowned economist who was deeply rooted in the free-market Austrian School and had been a student of Ludwig von Mises. The moment he linked this economic philosophy to what Satoshi developed sparked an epiphany for him, as Winklevoss put it.

When prompted if the twins played a role in introducing their father to cryptocurrency, Tyler Winklevoss affirmed this by saying, “Indeed, yes. When Cameron and I encountered bitcoin way back in 2012, it was simply known as bitcoin, not crypto. At that time, there wasn’t even an Ethereum white paper available. Shortly after learning about bitcoin ourselves, we shared this knowledge with our father, making us the ones who introduced him to bitcoin.

Tyler remarked that, in a sense, their father may have been introduced to Bitcoin by them instead. He explained this because their father first learned about the concept of sound money while studying at Grove City College in the 1960s and was greatly impacted by the Austrian school of economics taught there. This economic school of thought also seems to have had a significant influence on Satoshi, as it did on him.

Tyler recalled that he frequently discussed these concepts at home, which significantly impacted us at a young age. This early exposure, in turn, made it easier for us to appreciate and comprehend the significance and worth of Bitcoin when we first encountered it.

In simpler terms, Tyler explained that according to the Austrian school, gold is ideal for currency. However, gold has drawbacks like transportability and safety concerns. He further pointed out that when used globally, gold tends to become centralized since it’s often exchanged through promises (IOUs) rather than physically moved. This shift away from physical possession diminishes its decentralized essence.

In Tyler’s words, Satoshi cleverly incorporated gold’s superior qualities into a digital form of currency called bitcoin. He explained that bitcoin serves not only as an investment asset but also as a global network, making it incredibly simple to transfer funds anywhere in the world, just like sending an email. This resolves the issue of transportability.

According to his son, his father’s experience at Grove City College deeply impacted him, which led to his strong wish to contribute something in return.

Winklevoss senior has enjoyed a highly successful career in academia and business. After teaching actuarial science as a professor for over ten years at Wharton School of the University of Pennsylvania, he entered the private sector. He was responsible for founding multiple ventures, including Winklevoss Consultants and Winklevoss Technologies, which was acquired by Constellation Software for $125 million in 2023.

Tyler remarked, “Our father was the first tech entrepreneur with a startup that we encountered. Back in the seventies, he was initiating software businesses. Growing up within a startup atmosphere deeply impacted us, leading us to establish our own startups. Therefore, Grove City College played some role in igniting our passion for bitcoin.

According to Howard Winklevoss, his father, his education at Grove City College, and his wife Carol have had the most significant impact on his success as an academic and entrepreneur.

The mother of the twins is equally enthusiastic about digital assets. She holds a strong conviction that cryptocurrency marks the path toward future financial transactions, a viewpoint shared by Tyler, who considers her as their primary backer since the very beginning.

At a ceremony held in Staley Hall of Arts and Letters in November, it has been announced that the school of business will formally bear the name ‘Winklevoss School of Business’.