A legal notepad bearing the phrase “Buy Bitcoin” has gained considerable interest and bids, reaching almost $140,000 in an ongoing internet auction, according to Bloomberg’s reports.
Janet Yellen’s ‘Buy Bitcoin’ Sign Sparks Auction Frenzy
An influential call to action for crypto supporters became well-known when it was shown behind Janet Yellen, a previous Fed chair, during her congressional hearing around seven years ago. The bidding for this ink drawing is predicted to conclude by the end of this week.
The report states that Christian Langalis, a 22-year-old Bitcoin holder and former intern at the libertarian think tank Cato Institute, is responsible for creating the makeshift sign.
During Yellen’s testification at the House Financial Services Committee in July 2017, Langalis spotted an opening and swiftly wrote down the well-known phrase behind her.
Instead, Langalis unexpectedly gained seven Bitcoins in unexpected donations after being abruptly taken out of the hearing due to his attention-grabbing actions in front of the cameras.
In that timeframe, Bitcoin gained notable popularity and was priced approximately $2,300 – a substantial rise from its worth below $1,000 only half a year prior. Bitcoin’s price soared an astounding 13,000% in 2017, but suffered a steep decline of 74% the next year.
Currently, well-known financial companies like BlackRock and Fidelity are supporting cryptocurrencies by investing in spot Bitcoin ETFs. Inspired by this trend that reached a new peak for BTC at $73,700 on March 14, Langalis intends to take advantage of the ongoing momentum.
Impressive Bids In Auction
Based on Bloomberg’s report from 2019, Langalis managed to sell 21 units of replica Bitcoin signs, priced at an average of 0.8 Bitcoins per piece. These intricately handmade and numbered replicas, complete with a timestamp, were warmly welcomed by the crypto community.
More recently, Langalis received an offer of five Bitcoins, equivalent to around $330,000 based on current values, for his original sign. Instead of accepting this offer, he chose to put it up for auction in the hope of securing a higher price. This additional revenue would be advantageous for his ongoing Bitcoin software projects and support his family financially.
An “Ink Drawing” that is around half a pound in weight, as depicted in the auction listing, comes with accompanying notes by Langalis on the legal pad.
At first, the notepad’s page with the drawing of the sign was separate. Later on, it was carefully connected back to the notepad using transparent archival wire, safeguarding its “significant piece of history.”
At New York City’s Pubkey, a restaurant specializing in Bitcoin culture, the name of the auction victor will be revealed. Currently, Langalis is employed there, managing the co-working space.
At present, Bitcoin is priced around $66,400. It’s making steady progress towards surpassing the significant resistance level of $70,000 that has previously hindered its advance in the crypto market during the last month.
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2024-04-23 08:11