A Bitcoin wallet associated with the early days of the crypto market has suddenly sprung back to life after several years of inactivity. The wallet, which contains 50 Bitcoins, was created during the early days of the alpha cryptocurrency, a period associated with Bitcoin’s pseudonymous inventor, Satoshi Nakamoto.
Early Bitcoin Miner Reawakens After 14 Years
More than $3 million in Bitcoin that had not budged for 14 years just moved, stunning the cryptocurrency world. The stash — 50 BTC in total — was first moved to two wallets before being transferred to America’s leading digital asset exchange, Coinbase.
A dormant address containing 50 #BTC (3,314,211 USD) has just been activated after 14.0 years!https://t.co/r1pp2kEf40
— Whale Alert (@whale_alert) April 15, 2024
According to blockchain data, the wallet belongs to a crypto miner who was awarded 50 BTC in April 2010, just months after the Bitcoin blockchain was launched, and the alpha crypto was worth only a couple of dollars. The coins have been sitting still ever since.
The sudden movement of funds raises questions about the owner’s true identity and why they chose to move the funds now. While the exact reasons behind the revival of the long-dormant Bitcoin wallet remain unclear, its sudden activity has sparked a flurry of speculation and curiosity within the crypto community. The owner could have lost or just forgotten the BTC wallet until now.
Nevertheless, the 50 BTC cache is now worth a fortune, over $3 million at the current exchange rate, meaning the BTC holder’s determination has ultimately paid off.
This instance serves as a reminder of Bitcoin’s early adopters who, despite the asset’s infamous volatility, have diligently held onto their assets through multiple market cycles, thereby reaping the benefits of patience and long-term belief in the cryptocurrency’s value proposition and potential.
BTC was down 1.3% in the last 24 hours to trade for $63,893 at press time.
