£20M Bitcoin (BTC) stash goes online

Mon 20 Sep 2021 ▪ 14h53 ▪ 2 min de lecture - par Susan McCormack

The Bitcoin wallet, which has been inactive for almost nine years, appeared on the network on 19th September. When first deposited, the stash was worth £5,937. To date, the 616 BTC stored on this address are equivalent to £21,348,923.

Mysterious stash

On 10th December 2012, about 616.2004 BTC was received by the address. Back then, Bitcoin was worth $13.30. Ten years ago, investors did not have high expectations about BTC, which is the leading cryptocurrency today. Therefore, BTC was traded without much thought.

Since the address was inactive, Bitcoin has climbed all the way to $47,811. Yesterday the stash owner transferred the accumulated BTC to another address.

BTC today

Bitcoin inspires confidence in investors. Last week, it managed to grow by 7% and level $48,000. According to CoinGecko, the capitalisation of the main cryptocurrency has increased to $905 billion. Experts project that BTC may soon hit $50,000.

Earlier this year, a £3.6 million BTC address came online after lying dormant since June 2010. In 2020, an unknown individual cashed out another £362,000 Bitcoin stash.

It would seem that today the news about dormant addresses is not that striking. However, such stories serve as a powerful reminder of the wonderful investment that is BTC: a 358,655% growth in nine years is a colossal success.

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Susan McCormack

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.