In a notable development, an early Bitcoin investor held their 2,000 Bitcoin stockpile from a price of around $0.06 all the way to $90,000 before moving it for the first time on Thursday after 14 years of hibernation.
This particular BTC whale has raked in a mammoth 150,000,000% profit on their holdings.
Satoshi-Era Whale Wakes Up After 14-Year Slumber
Cryptocurrency trading is all about precise timing and trading strategies. However, one key aspect that makes or breaks the trade is patience. HODL is a term coined by crypto enthusiasts, referring to investors holding onto their investments despite market volatility and price fluctuations. With this technique, a Satoshi-era whale has remarkably returned after HODLing their Bitcoin fortune for 14 years.
Blockchain data shows that the diamond-hands Bitcoin investor received the coins in 2010 when BTC was worth a mere $0.06 per coin. In total, the anonymous user owned $120 worth of the flagship crypto at the time.
As revealed by blockchain sleuth Lookonchain, the BTC was mined in 2010. During this time, the mysterious Bitcoin creator Satoshi Nakamoto was still active in the community. These are some of the earliest mined Bitcoins when the per-block mining reward was 50 BTC. The current block reward is just 3.125 BTC following the fourth reward halving in April.
The whale sent the crypto to the leading U.S. crypto exchange, Coinbase, on Nov. 14 after watching their cache grow by about 150,000,000%. Transfers to an exchange typically suggest that the BTC will be sold.
JUST IN: Someone just moved 2,000 #Bitcoin worth $179,000,000. They held from $0.06 to $90,000
Legend
pic.twitter.com/L2nprLATnh
— The Bitcoin Historian (@pete_rizzo_) November 15, 2024
This investment showcases the long-term losses associated with panic selling. While Bitcoin is prone to extreme short-term volatility, it normally appreciates more than most other assets over the long term — thus bringing patient investors handsome returns.
Bitcoin is currently trading at $90,450 after cooling off from a meteoric bull run that saw it set a record high of $93,477 earlier this week.
This is not the first time Satoshi-era Bitcoin investors have sprung back to life. This year, several long-dormant Bitcoin wallets — many of which were from the Satoshi era — have awakened to either send their BTC to new wallet addresses or sell it on exchanges as the oldest cryptocurrency soared toward new all-time highs.