A Satoshi-era wallet woke up after 14 years of inactivity to deposit $3 million worth of Bitcoin BTC/USD to cryptocurrency exchange Binance, possibly to sell them off.
What Happened: The wallet reportedly belonged to a miner who earned 50 Bitcoins way back in 2010, according to Lookonchain data.
At that time, one Bitcoin was valued at $0.058, which makes the total stash worth $2.9.
The miner HODLed their Bitcoin through the ebbs and flows of the market until ultimately transferring to Binance on Thursday.
At today's price, one Bitcoin is worth $61,589, bringing the total value of the transfer to $3.07 million. This means that the trader will net a staggering 1231780x return if they decide to sell their holdings.
Typically, coin transfers to exchanges are seen as signs of an impending sale.
Note that the "Satoshi Era" refers to the period between 2009 and 2011, during which Bitcoin's pseudonymous creator, Satoshi Nakamoto, was active in developing and promoting the apex cryptocurrency.
See Also: Coinbase Shares Spike After Company Unveils Stripe Collaboration To Streamline Crypto Payouts
Why It Matters: The miner obtained the Bitcoins at a time when block rewards used to be very high, at 50 per block.
These rewards have gradually decreased over time due to repeated halvings, with one successful block fetching only 3.125 Bitcoins today.
The aforementioned transfer also highlighted the significance of believing in the long-term potential of Bitcoin, keeping aside the short-term fluctuations.
Image via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
