Here are two stories of lucky people who own bitcoins years ago, do not sell them, or even forgot about them, until they made huge profits.
Suddenly re-opened a wallet containing 900 Bitcoins bought from 2012, ‘someone’ just became a millionaire in USD
According to data recorded by Whale Alert, the largest market movement tracking and reporting service on the blockchain, about 899 Bitcoin (BTC) worth $32.2 million has been withdrawn by ‘someone’. from cold wallets storing cryptocurrencies on June 1st.
All of this BTC was then distributed to hundreds of different addresses. This is considered a way for this person to hide his identity, according to the comment of Cryptodefinance.
According to the site, the aforementioned Bitcoins have now been transferred or sold on an exchange, or have been moved to a more secure cold wallet. Notably, data from the blockchain shows that the aforementioned 899 BTC was transferred to the wallet address a long time ago, in August 2012. At that time, BTC was only worth about 13.50 USD/BTC.
Currently, there is a lot of speculation about the identity of the owner of this Bitcoin. According to Daily HODL, the aforementioned portfolio is currently not affiliated with any known institutions, cryptocurrency exchanges or investors in the market.
In addition to that, the aforementioned cryptocurrency trade was done very early, when the market was still in the ‘dawn’ phase. However, during the following 9 years, no withdrawals/transfers were made with this e-wallet. It was not until the beginning of June 2021 that all BTC in the wallet was transferred to different addresses.
Most likely, this could be an e-wallet forgotten by one of the first Bitcoin owners. Accordingly, until recently, the owner of this e-wallet may have suddenly remembered the password to access the wallet, thereby unlocking this Bitcoin ‘treasure’.
After 9 years, the value of BTC is currently trading at 36,000 USD (according to data from the Binance exchange, as of 16:00 on June 7, 2021). With a ‘terrible’ increase of 2666x, 899 BTC worth about 12000 USD at the time of August 2012 is now valued at about 32.2 million USD. The value itself is still up to 44% lower than the historic high of $64,800 Bitcoin reached in April.
Of course, not everyone is lucky enough to become a millionaire by finding the BTC they bought years ago. According to crypto data company Chainalysis, of the approximately 18.5 million Bitcoins in existence today, about 20% are lost or stuck in wallets that cannot be opened for various reasons. there’s the loss of the password.
Stefan Thomas, a German programmer living in San Francisco, USA, is one such case. He owns a Bitcoin wallet containing 7,002 BTC but can’t remember the password. Thomas said there are only 2 attempts left, if you enter it wrong, you will lose more than 252 million USD in Bitcoins. In 2013, James Howells, an IT employee in the UK was also another “unlucky” case, when he accidentally threw the wrong hard drive containing about 7,500 BTC into the trash.
US university gives free Bitcoin to more than 3,000 students, after 7 years the price has increased by 13,000%
Mary Spanjers had a winning lottery ticket, but it was folded and stored in a drawer. Seven years ago, while still a student at the Massachusetts Institute of Technology (MIT), she participated in a pilot program where each participant received a very new asset for free: digital currency. She had 1/3 of Bitcoin, which was worth $100 at the time.
Since then, the price of Bitcoin has skyrocketed. Before the sell-off in May, a third of Bitcoin was worth up to $20,000, a 13,000% increase from seven years ago. “It’s amazing. Most of us thought it was just a joke.”
Spanjers (24), now a software engineer at the oil company Schlumberger in Houston, has benefited from the MIT Bitcoin Project that the school launched in 2014. About 3,100 have participated in the program. They just fill out a rather lengthy survey questionnaire and then set up an e-wallet that contains code that can be exchanged for something of value, like cash.
This experiment is the “brainchild” of two so-called “Bitcoin evangelists”: Dan Elitzer, an MBA student and founder of the Bitcoin Club MIT. The other is Jeremy Rubin, a student majoring in computer science. According to Elitzer (37 years old), the couple wanted to “look to the future and see what this technology can do”.
The project has shown that Bitcoin can act as an investment. Or like Alex Morcos, co-founder of Bitcoin research firm Chaincode Labs, an alumnus of MIT, Bitcoin has the feature of “an asset, a store of value”. Morcos provided about 250,000 (or half of the money raised) to buy Bitcoin for testing.
The project was initially considered a failure. A bookstore has installed a Bitcoin ATM and accepts Bitcoin payments, but only a few students use it.
After peaking at nearly $65,000 in mid-April, the Bitcoin price has now dropped to around $36,000. The risk that the Bitcoin mining process causes damage to the environment, in addition to the tweets of a few famous individuals that cause the price of this currency to fluctuate too much, are the reasons why people are skeptical about Bitcoin’s judgment. more widely accepted.
However, the biggest believers in cryptocurrency still insist that Bitcoin is only correcting and consolidating before a strong recovery and will make new highs in the future.
No one knows how many MIT alumni have used Bitcoins. If they still hold like Spanjers, at May prices, their Bitcoins are worth over $60 million.
According to MIT professor Christian Catalini, about 10% sold Bitcoin for cash within the first two weeks. By the time the trial ended in mid-2017, about 25% had sold. Some people have even forgotten how little Bitcoin they have.
However, for some, this experiment is the first step to a career in the cryptocurrency industry. Elitzer currently runs Nascent, a cryptocurrency investment company. Rubin helps build the technology that powers Bitcoin as CEO of Judica Inc. Catalini participates in Facebook’s Diem (formerly Libra) digital currency project.
Erick Pinos, who sold his free Bitcoin that year, bought more and now works for a cryptocurrency technology company called Ontology. He said he used 100% of his savings to invest in Bitcoin and cryptocurrencies.
Such students help MIT, which has always been associated with disruptive technologies like microchips and radar, stand out. In 2020, CoinDesk ranked MIT as the top university for blockchain. MIT has research centers like the MIT Digital Currency Initiative (founded by Rubin shortly after the Bitcoin project ended) and offers several cryptocurrency courses.
Of course, some missed the opportunity. Some have forgotten the password to access the wallet or are no longer able to access the relevant email address. Some were simply sold for cash to buy more appealing things at the time like mango smoothies, new shoes, pizza, and beer./.