Satoshi-Era Whale Awakens with Millions in Bitcoin After 14 Years of Anabiosis

by

A well-known cryptocurrency monitoring service called Whale Alert has announced that a large Bitcoin holder, previously inactive since the early days of Bitcoin, has become active again and now holds Bitcoins valued at millions of dollars.

After the significant drop in Bitcoin’s price on Saturday, this previously inactive digital wallet came back to life. Since then, it has experienced some degree of restoration.

Satoshi-time wallet awakens

A source previously identified disclosed that a Bitcoin address holding approximately 50 BTC, equivalent to around $3,314,211 at the moment of the tweet’s publication, has become active again after being dormant for about 14 years.

The last time this observed any Bitcoin transactions was back in 2010 – the year that Bitcoin’s enigmatic founder, Satoshi Nakamoto, vanished, handing over the reins to a small group of dedicated developers.

💤 A dormant address containing 50 #BTC (3,314,211 USD) has just been activated after 14.0 years!— Whale Alert (@whale_alert) April 15, 2024

In recent months, a significant number of cryptocurrency wallets that had been dormant for over a decade have become active. These wallets hold Bitcoin and Ethereum that were mined or purchased more than 10 years ago.

Typically, people who have been holding Bitcoin or Ethereum for ten years often choose to sell when prices spike in order to make a profit. At the same time, some individuals are able to regain access to their old cryptocurrency wallets and retrieve the keys they had lost long ago.

Bitcoin market performance

During the past weekend, specifically on Saturday, Bitcoin experienced a sudden and significant drop of over 12%. The value fell dramatically from its recent peak at $70,900 to $61,970. Some speculate that this decline may have been caused by a recent development in the Middle East.

Subsequently, Bitcoin bounced back with a gain of over 7%, hitting a current price of $66,342.

MicroStrategy outperforms Bitcoin

Michael Saylor, the founder of MicroStrategy, has recently posted a graph on the X platform to demonstrate how MicroStrategy’s performance surpasses that of Bitcoin.

Since August 2020, MicroStrategy (MSTR) significantly surged by an impressive 1,097%, following the company’s consistent Bitcoin purchases for its balance sheet. During this period, Bitcoin itself experienced a substantial increase of approximately 463%. In contrast, gold saw a comparatively modest appreciation of merely 16%, while silver took a step back and dropped by 1%.

Capitalize on #Bitcoin.

— Michael Saylor⚡️ (@saylor) April 14, 2024

“Saylor tweeted, ‘Take advantage of Bitcoin.’ MicroStrategy obtained Bitcoin through offerings of Convertible Senior Notes and related securities during the past few years, using these fundraising methods to procure extra Bitcoins from investors.”

Read More

2024-04-15 12:14