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Bitcoin from 2010 have been moved
Bitcoin from 2010 have been moved
Bitcoin

Bitcoin from 2010 have been moved

By Marco Cavicchioli - 25 Feb 2021

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Yesterday, 100 bitcoin that had been at a standstill since 2010 were moved

This was reported by Documenting Bitcoin on Twitter who commented as follows: 

“That means someone held on to these #bitcoin since 2010, while their value went from literally $0 to $5 million. A legend”. 

In fact, examining the address 1KVSHCm5GG3ai6LtLpPM52vm4VfH3haggT for example, it turns out that it only has three transactions. 

One from June 11th, 2010, when it collected 50 BTC as a reward for mining a block, and two more from February 2021 in which those 50 BTC were sent to another address. 

Going back in time, the earliest known price for a bitcoin exchange in dollars was in August 2010, when that price was $0.07. 

Thus in June 2010, there was in fact still no ‘market price’ for bitcoin. In other words, the value of BTC in dollars at that time was approximately zero, as the only way to find someone willing to buy them was to try to contact them directly. 

Taking the $0.07 of August 2010 as a reference, those 50 BTC to date would have yielded an incredible 72,000,000%, going from $3.5 to $2.5 million. 

Large bitcoin transaction moved from Coinbase

But yesterday there was also another very interesting transaction

It was reported by Bitcoin Archive on Twitter, and it was 13,383 BTC moved from Coinbase to a cold wallet. 

That’s about $653 million actually leaving the market and ending up in a wallet presumably for long-term storage.

While the first report reveals that someone may be ready to put long-dormant BTC back on the market, the other reveals that someone is buying them for long-term storage, effectively taking them off the market.

However, there are not many bitcoin that have been idle for a decade that are being put back into circulation, and transactions like the one reported by Documenting Bitcoin are quite rare. On the other hand, there are plenty of bitcoin being bought and taken out of circulation, as evidenced by the many large purchases by companies such as Square and MicroStrategy who are buying in order to conserve over the medium to long term. 

 

Marco Cavicchioli
Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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