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Crypto enthusiasts all over the world went berserk trying to figure out what made the dormant address restart, and that too after such a long period.
An eleven-year-old wallet, featuring Bitcoin worth approximately two hundred million dollars, has been re-activated for the first time.
A Satoshi-era Bitcoin wallet, possessing four hundred and eighty-nine Bitcoins, that has been dormant for all these years, was mysteriously restarted after more than eleven years. The last transaction that was carried out on the wallet before it became passive was done in 2010 when BTC was only worth $50.
According to a famous crypto data analytics platform Whale Alert, the Bitcoin address hasn’t shown any sign of action in all these 11.4 years. The address owns around 489 BTC, which when dated back to 2010 was worth a meager sum of USD 50. However, in today’s time, the price of these Bitcoins is at a whopping figure of $20 million.
Crypto enthusiasts all over the world went berserk trying to figure out what made the dormant address restart, and that too after such a long period. While people are still drawing conjectures about the same, there are some very weird conclusions drawn for the same, like, lost seed, the owner being sent to prison, hacks among others.
Whatever is the reason, it is definitely an achievement in itself for the owner to keep the capital untouched for such a long time. The return of this investment is, however, the talk of the crypto town. There is a 42,000,000% return on the asset after 11 years.
HODL cryptocurrencies, which literally means “holding for dear life”, have been an impressive investment scheme for people that do not have the time or energy to study the market extensively. While bitcoin is still an extensively unstable asset, it is better to hold on to its highs and lows no matter how unstable it seems.
Much of the rise and fall of the crypto world depends on international regulations levied on it by the governments. Yesterday, as an example, Joe Biden rolled out an executive order on crypto assets, which resulted in Bitcoin rising from $39K to $42K in a span of a few hours. However, today, Bitcoin’s price plunged back to $39K. A massive drift on both sides by 7% is exceptionally difficult to predict.
A recent study has predicted that thirty-seven percent of the American investors accounted for are not planning to liquidate their crypto holdings even when the time is crucial or the market is low. While the crypto lingo calls it “diamond hands,” it means that people believe in keeping their money in the market even when there is an enticing reason to cash it out.