Bitcoin Wallet From Satoshi-Era Activated After a Decade

A BTC holder from Satoshi-era recently activated his wallet for the first time since 2011. The token holder secured 8,425 dollars in 2011, which turned into 23.7 million dollars over the decade.

Bitcoin is currently trading around 47k dollars after toppling from its 69k dollars high. Despite the enormous gains, it is highly unlikely that the token holder would sell the coins after holding them for 10.5 years. 

Last May, a token holder moved 500k dollars worth of BTC from a wallet. The amount was transferred into a wallet opened in February 2009, only two months after the mining of the genesis block. 

The development quickly sparked speculations that Satoshi had started cashing out on the BTC stack. However, several blockchain analysts denied the theory. 

Another latest development was reported by U.Today, stating how a dormant BTC whale activated their wallet with 150 million dollars in November. Additionally, the National Bureau of Economic Research recently released a study that the top 0.01% of the BTC addresses hold almost one/third of the total Bitcoin supply.

Even accounting for the amount of BTC stack held in crypto exchanges, BTC ownership is still centralized due to its early adopters. This does not mean that every early BTC adopter turned into a whale. Martti Malmi, also known as Sirius, talked about missing out on a fortune.

Martti was Satoshi’s first partner, and he reported selling a stack of Bitcoin early. The latest development shows Bitcoin’s market dominance as even a minor fluctuation around the coin can affect the entire market.

Many experts, including Light, have predicted for BTC to make a comeback with 2022 around the corner.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button