According to fresh data on popular crypto data analytics platform Whale Alert, an idle Bitcoin address containing 489 BTC has just been activated after more than 11 years.
The last time a transaction occurred at the address was in 2010, which resulted in the user having a total of 489.091 BTC.
?? A dormant address containing 489 #BTC (20,242,263 USD) has just been activated after 11.4 years (worth 50 USD in 2010)!https://t.co/iMaawgLGXd
— Whale Alert (@whale_alert) March 10, 2022
At the time, the Bitcoin holdings were worth a paltry sum of $50, as a unit of Bitcoin was trading around $0.1. Fast forward to today, what was considered a paltry amount 11 years ago, has surged into millions of dollars. At press time, the value of the Bitcoin holding was around $20.2 million. It’s a whopping 800X profit on a single bitcoin as today BTC is trading around $40,000.
Social Media Users Give Comments
Several social media users have commented on the recent development. Many people seem shocked that someone could hold the world’s largest cryptocurrency for over a decade without considering selling a portion of the holding at some point.
While several users think the address has been hacked after several attempts made by the hackers, others believe that the user could have been in jail all these years.
“Someone just got out of jail? OR, Quantum computers are cracking dormant [addresses]?.“ a Twitter user with the username @FluentInFinance said.
Whatever the reason might be, the development still goes to emphasize one of the benefits of holding on to the crypto asset regardless of the circumstance.
The world’s largest cryptocurrency by market capitalization, Bitcoin (BTC), has always been tipped as an asset class capable of making people immensely rich.
However, in order for this to happen, the investor would need to exercise patience when holding the cryptocurrency.
Bitcoin Outstanding Performance
In 2010, Bitcoin was far from being considered a disruptive asset. Many people never thought the cryptocurrency could become popular to the extent that world leaders would converge on several occasions to discuss its effect on the existing financial systems.
Bitcoin has since been on a major rally since 2010, surging above $69,000 in November last year, thus leaving many people wishing that they had got in while the cryptocurrency was selling at a discount.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
