Cointelegraph spoke to a crypto-user who held Bitcoin in his hands for 13 years and asked him what prompted him to move them to a digital wallet.
BitcoinTalk member pseudonym on the 13th of May. “John Galt” said They had transferred 100 Bitcoins (BTC( from a Casascius physical bar to a Hardware wallet. Casascius coins and bars are the physical representations for different amounts of Bitcoin. The private keys that allow access to them can be found on film attached to the object itself.
Galt claimed that he bought the BTC in 2012, when its price was below $100.
“Back then I thought Casascius coins were cool and maybe the future,” He told Cointelegraph. “I figured if Bitcoin ever got big these coins would be part of history so I started collecting.”
Bitcoins worth more than $10 Million in Physical Bitcoin
Galt’s bars were worth $10 million or more on May 13. Although he said to Cointelegraph that he considered selling the bar before 2025 it was hard to find buyers.
“Redeeming it felt like destroying a piece of history, like melting down some ancient gold necklace or something,” Galt. “I would’ve way rather sold it whole with the sticker and everything still intact. But the higher the value went the harder that got.”
Galt stated that he did not have any immediate plans to withdraw the money, even though the funds had been redeemed. Galt reported that before he used the private keys he had kept the bar inside a secure vault at his home.
“Having 100 BTC is life-changing for anyone. But the thing is I’ve had it for so long that this was more about staying safe than suddenly getting rich.”
Related: Father-son team says they’ve recovered $6M in lost crypto
A limited amount of Casascius coins and bars that have not been redeemed are still available. These range from brass and silver 0.5 BTC or 1 BTC coin to gold-plated 100 BTC bars. Unsealing the hologram on the Bitcoin physical contains its private key.
Uberbills’ Casascius tracking tool indicates that the number of Casascius is increasing. were More than 17,000 active coins and bars were not redeemable. Two 1,000-BTC coins worth over $100 million were included, as was a 500-BTC coin worth $50,000,000 and 35 100 BTC bars.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
