A Satoshi-era bitcoin address holding 489 coins has been activated after over 11 years. The last time a transaction occurred at the wallet was in 2010, when the BTC in it was worth $50.
According to the popular crypto data analytics platform Whale Alert, the bitcoin address has not shown any activity in the past 11.4 years. The address contains 489 BTC, which in 2010 was worth barely $50. Going by today’s prices, though, this amount is worth over $20 million.
The community went wild in speculating on possible reasons for which the address was inactive for so long. Lost seed, owner, being in jail, hacks, and whatnot were just some of the suggestions.
Of course, if we rule those out, it’s admirable that someone managed to diamond-hands through this period and score a return upwards of 42,000,000%.
HODLing Bitcoin has so far turned out to be a great investment strategy for those who are unable to time the market. BTC is still a very volatile asset, and being able to predict its movements is as challenging as ever.
For example, yesterday (March 9), the digital asset reacted positively to Joe Biden’s executive order on cryptocurrencies, soaring from $39,000 to nearly $42,000 in matter of hours. Today (March 10), though, BTC’s price tanked back to $39K. That’s a move of about 7% in both directions which is extremely difficult to time properly.
According to a recent study, 37% of the surveyed American investors would not cash out their crypto holdings even in critical moments. Known as having “diamond hands,” these people admitted they don’t even find luxurious purchases as a tempting reason to sell their stash.
The research further revealed that the average amount which those participants have allocated to the crypto market is over $1,700.