A Bitcoin wallet that remained inactive and only carried out transactions of negligible value for 12 years suddenly woke up and transferred 616 tokens worth $ 29.40 million (about 216 billion rupees) in today’s value to another Wallet. When it received those 616 coins on December 10, 2012, each bitcoin was worth $ 13.30 (roughly 978 rupees), meaning the total transaction was worth $ 8,195 (roughly 6 lakhs) at the time. Bitcoin’s phenomenal growth has turned this dormant wallet into a whale. Long-term investments were also shown to pay off for those who remain patient in the emerging industry, despite its very volatile nature.
In 2012, Bitcoin was a very new idea and not many knew or trusted it. Gradually it grew as more people found out about it and entered the industry. The early investors who risked Bitcoin then committed murder.
The wallet in question moved the bitcoins on September 19th, according to Blockchain.com. This 12 year bitcoin wallet move is a powerful reminder of how an investment grows. The whale account holder is up 3.58,655 percent over the past nine years.
In July, a group of Bitcoin whaling accounts that had been inactive since December 2018 bought thousands of Bitcoin. They bought 28,377 bitcoins worth $ 841.85 million (approximately Rs.62,789 billion) on July 17 and 18.
A similar event occurred in June when, after nine years, a wallet with 900 Bitcoins suddenly woke up. Its holdings, valued at $ 12,778 (about 9.35 lakhs) in 2012, had grown to nearly $ 33 million (about 242 billion rupees).
Bitcoin price in India was Rs. 31.51 lakhs (about $ 42,827) Tuesday morning.
A whale is an account that owns a large number of crypto coins and has the power to swing the cryptocurrency market. Every transaction by them is closely watched to understand market developments and they are sometimes scrutinized for their controversial moves. In 2017, around 1,000 people owned around 40 percent of all bitcoins.
Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.