One of the early developers of Bitcoin, Martti Malmi, sold his 55,000 BTC over eight years ago. If not for this, today his fortune could be estimated at at least $ 1.2 billion.
Malmi spent coins to quit his “boring” job, move to Japan and study the Japanese language. Spoiler: the hero regrets his financial decision.
We checked the actual data: this week, Bitcoin has performed well and has grown by 27 percent in the past seven days. At the same time, the growth rate over the past year amounted to 215 percent, which is significantly higher than any deposits and other products offered by banks.
Here is a chart of the BTC rate for a week. The leap above 20 thousand dollars is clearly visible.
Losing money in cryptocurrency
The developer honestly admitted that he regretted the decision. Here is his line in which he shares his emotions regarding the situation. The statement is quoted by Decrypt.
I would be a billionaire now if I hadn’t sold 55 thousand bitcoins mined on my laptop in 2009-2010 too early – mostly before 2012. This is unfortunate, but again, with the early crypto enthusiasts, we have given rise to something more than just personal gain.
Recall that the first few years after the launch of the cryptocurrency, it was much easier to mine bitcoins than it is today. If now you need a huge number of ASIC miners, then a regular computer would be enough.
Since the complexity of the BTC network was much lower, it was possible to apply for a block reward using any processor. In addition, the reward was 50 bitcoins. It is important to note that then these coins cost almost nothing, but now they could get more than a million dollars for them.
In 2011, when the BTC rate peaked locally in the $ 15 to $ 30 range, Malmi was able to buy a comfortable one-room apartment at the age of 22. Moreover, in Japan, he managed to visit the Tokyo office of the infamous Mt.Gox exchange long before its fall.
We wrote about the history of the formation of this cryptocurrency exchange. You can get acquainted with it in a separate material.
In 2012, Malti had to sell most of his remaining bitcoins at a lower price than the previous year as he was temporarily unemployed until his next job. He may not be a millionaire, but he managed to keep some of his coins to this day. The developer continues.
Since then I have kept my savings in bitcoins. That’s not much, but still a decent income over the years. I am pleased with the recent development of the crypto market.
This experience taught him that while money matters, “you don’t have to be rich to lead a perfectly good life.” What’s more, Malmi is still happy that his early involvement in Bitcoin’s development has played a role.
You don’t live forever. Striving for something greater than your own well-being brings meaning to life.
We believe that Martti’s story can be considered a success. And although he did not become a billionaire, the cryptocurrency fan managed to make good money and was able to purchase an apartment at an early age. In addition, he changed the country and got rid of the unloved job – and this is already enough to realize the dreams of many people.
As we have already noted, the developer saved some part of the coins, which means that he still found a huge profit. For others, this story should be a reminder of how important it is to be patient when investing – and especially in cryptocurrencies. Sometimes projects are fired so hard that early contributors then manage not to work until the end of their days.