630,000% profit on bitcoin in 9 years. Time to cash out?
630,000% profit on bitcoin in 9 years. Time to cash out? 630,000% profit on bitcoin in 9 years. Time to cash out?

791 bitcoin that had been dormant for more than nine years have been moved from their home address. The coins came from a wallet that was relatively active in 2012, when the price of bitcoin fluctuated between $5 and $15.

Data from the blockchain shows that the address was most active in mid-2012, when BTC cost around $5.15. The king of cryptocurrencies has since gained more than 630,000% to $33,000, even including the drop from its previous ATH of nearly $64,000.

In 2012, the 791 transferred BTC were worth just over $4,000. Now they are worth more than $26.1 million. The funds that the bitcoin whale moved do not appear to have come from blockchain rewards, although they may have all been consolidated at this very address.

No Bitcoin Cash (BCH) coins were moved from the address, which the address accepted from the August 2017 hard fork in exchange for holding BTC when the chain was split. Most of the moved BTC is at an address that was not previously used, while about 100 BTC was moved to active addresses that may belong to a cryptocurrency exchange.

Last year, BTC mined in the so-called “Satoshi era” moved multiple times. This time refers to the period during which Bitcoin’s anonymous creator, Satoshi Nakamoto, remained active in the cryptocurrency community (until late 2010, when he mysteriously disappeared).

While it is unclear where most of the funds went, 9.99 BTC was transferred to the Free Software Foundation (FSF) and another 9.99 went to the American Institute for Economic Research (AIER).

See also  For Bloomberg's Mike McGlone, Bitcoin is more likely to return to $60,000 than to fall below $20,000.

It is often estimated that coins that have been dormant for so long may have been perpetuatedacone forever because users may have lost their private keys. Yesterday’s moves seem to confirm that some people are simply holding onto their coins.

You might be interested in:

From the Bithub archive: