04.03.2024

Cryptocurrency Fan Stored Bitcoins For Over Ten Years And Became A Millionaire

A hundred bitcoins, which had not been touched for ten years, were transferred to a new cryptocurrency wallet the day before. If the coin holder did sell them, he earned at least $ 5 million .

And this is a great investment considering that in 2010 the value of the main cryptocurrency barely reached the $ 1 mark. The coins mined in June 2010 moved in two transactions to separate wallets. At the same time, there is a high probability that they have already passed to the new owners, and the original investor received a huge amount.

Recall that keeping a cryptocurrency for a long time is called a hold or a hodl. Initially, the word and investment strategy came from the message of the bitcoin holder under the pseudonym GameKyuubi. He was upset about the collapse of the BTC rate, drank whiskey and wrote a legendary publication with a lot of typos.

This article is specifically about the hodler. The latter managed to refrain from selling the asset for ten years and keep it. As a result, the investor’s efforts were rewarded.

How they get rich on cryptocurrencies

Such transfers are of interest to cryptocurrency lovers. The thing is that more than ten years ago, Bitcoin was used by a rather limited circle of crypto fans. Given this, it is quite possible that the owner of the recently moved coins could, among other things, contact the anonymous creator of Bitcoin himself under the pseudonym Satoshi Nakamoto.

Recall that Nakamoto created Bitcoin at the end of 2008 after the financial crisis. In fact, the signature in Bitcoin’s genesis – that is, first – block is a reference to a message published by the news outlet Reuters about its potential consequences. The headline reads «The Times 03 / Jan / 2009 Chancellor on brink of second bailout for banks», which translates as «The Chancellor is on the brink of a second bailout for banks.»

The real identity of Satoshi is unknown, which is causing great interest from investors. However, many believe that there is not only no point in disclosing it, but also dangerous for the first cryptocurrency. Still, in this case, the actions of a real person can indirectly affect the value of BTC – and this is a minus for a decentralized asset.

Bitcoin blockchain crypt

List of old crypto wallets that have recently moved coins

The movement of funds from old wallets is also noteworthy, because they store a lot of coins. This means that old cryptocurrency enthusiasts, many of whom in the early 2010s invested only small amounts or even mined bitcoins using conventional processors, can now have a significant impact on the market. At the same time, it is important to remember that not all investors managed to keep the asset, because at one time it was very cheap.

Specifically, in December 2020, analyst firm Glassnode predicted that around 3 million bitcoins are “lost forever,” which translates into approximately $ 147 billion, Decrypt reports.

But if they are not actually «lost», but simply left for long-term storage by their owners, their sudden sale on crypto exchanges will shock many traders. However, investors can use the so-called OTC trading, that is, the sale of cryptocurrency without the participation of exchanges, but directly to other people. In this case, the impact on the market will be minimal.

In general, given the circumstances, early coins were easier to lose than keep. So counting on a massive industry collapse due to the actions of early investors is hardly worth it. In addition, they themselves are hardly interested in this.

By the way, those people who bought their first bitcoins even in 2017 can already be counted among the «old holders». At the very least, these cryptocurrency lovers will be even more reluctant to part with coins purchased more than three years ago. According to the analytical platform Unchained, BTC buyers three to five years ago are still not getting rid of their investments, according to Cointelegraph.

bitcoin hodler

Bitcoin Holders Activity Indicators

Overall, following the collapse of the main digital asset in March 2020, the percentage of coin supply that last moved between February 2016 and February 2018 increased from 5.57 to 13.38 . Recall that then BTC fell into the zone of 5 thousand dollars.

In other words, the upward trend in the price during 2019, most of 2020 and all of 2021 did not result in investors from 2017, who survived a multi-year bear market, to sell BTC. This means they are counting on the continuation of the growth stage and the achievement of new heights.

In addition, analysts have more interesting information about the reasons for the sharp drop in Bitcoin in 2018 after the end of the previous growth cycle. And they do not include large coin holders who have kept BTC in their wallets for at least five years. However, in this cycle, such a scenario may also not work – now a huge amount of bitcoins are in the hands of large companies like Tesla and MicroStrategy.

We believe that the award of the mentioned owner of the cryptocurrency is more than deserved. Yet he managed to retain bitcoins for an extended period of time and did not get rid of them during the previous period of growth. So he bet on the achievement of new heights by Bitcoin and he was right.

Success stories like these can easily motivate novice investors who are ready to diversify their portfolio and keep a digital asset for a long time. Here we can only hope that the further growth of BTC and other coins will be comparable to their behavior in the old days.

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