A collector named John Galt, who kept the most valuable Bitcoins, sold his BTCs after 13 years.
John Galt, a long-time Bitcoin holder, made a fortune by cashing in on a rare Casascius ingot purchased for $500.
The Most Valuable Bitcoin!
The Casascius bar collection, which was first printed by Mike Caldwell in 2011 after Bitcoin was first introduced, has still managed to make a name for itself today.
While Casascius physical Bitcoins are among the most iconic collectibles in crypto history, John Galt purchased one of these metal bars containing Bitcoin for just $500 in 2012.
Galt had one physical bar worth 100 BTC in his hand.
Galt, who had been holding these rare Bitcoins since 2012, finally could not stand it anymore and sold his BTCs in May.
Announcing that he sold BTCs on the Bitcoin Talk forum, Galt said, “I decided to sell when Bitcoin reached $100,000.”
“I had one of the Casascius Bitcoin bars. I had one worth 100 BTC and I bought it for like $500 in 2012.
When Bitcoin hit $10,000 a few years ago, I started getting really nervous. I mean, the thought of holding onto something worth over a million dollars was putting a lot of pressure on me.
But I didn’t want to cash it in. To me, a physical Bitcoin that hasn’t been cashed in feels like it’s worth more than just cash.
I tried to sell it a few times but it was hard to sell something that valuable. I even looked at auctions but I would get less than the value of the Bitcoin itself.
“I got to the present day and it’s worth over $10 million. I’m still a little bit unsure, but I finally cashed it out today.”
John Galt earned $10 million from the 100 BTC he bought for just $500 in 2012.
The production of these physical BTCs was halted in 2013 after the US Financial Crimes Enforcement Network (FinCEN) classified Caldwell’s business as a money transfer service.
*This is not investment advice.