Back in 2009, Bitcoin was still largely unknown as Satoshi Nakamoto had only released the Bitcoin whitepaper the year before in October 2008, and crypto enthusiasts were still figuring out how to mine and trade these new digital coins.
However, some early adopters were lucky to get in on the innovation very early. An example of this was an individual who mined 150 BTC when they were valued at just $0.13. This was back when mining wasn’t that tough and you could mine for BTC on an old beat-up computer.
HODLing Bitcoin For Over A Decade
Bitcoin was practically worthless in its early days. Early adopters were mostly mining BTC just for fun, with only a few of them accepting it as a payment method. However, Bitcoin’s growth over the years led to the creation of a new industry that saw massive growth spikes in the decade after.
For the holder in this report, after more than a decade of HODLing, their patience and belief in Bitcoin paid off. On-chain data shows that when the 150 BTC were mined, their total value was just $19.50.
However, the owner of those 150 BTC held on for over a decade before finally deciding to cash in. 13 years later, they ended up selling them for a staggering $6.5 million in 2022 at $43,502 per coin, representing a 5 billion percent increase in price.Miner sells 150 BTC after 13 years | Source: Ki Young Ju on X
Interestingly, they sold their coins during a period when Bitcoin had dipped from its all-time high of $68,789 in November 2021. This means if they had sold at the top, they would have realized around $10 million for holding 150 BTC for 13 years.
At the time of writing, Bitcoin is currently trading at $29,468, around 30% below where the holder sold. So if they had held until now, their holdings would’ve declined to $4.5 million by now.
Early Adopters Of BTC
Early adopters are known for making the most profit from the crypto boom. This 5 billion percent profit from 150 BTC adds to a growing list of success stories from early investment and long-term holding.
However, some of these early adopters have had their assets locked forever. A few other miners completely forgot about their early Bitcoin wallets, only to rediscover them years later, while some are lost forever.
According to IntoTheBlock, 29% of the total Bitcoin supply hasn’t moved in over five years. Most of these are from early adopters and are presumed to be lost forever.
As the Bitcoin and crypto industry moves forward, it awaits the United States Securities and Exchange Commission’s (SEC) approval or rejection of Spot Bitcoin ETF filings by investment companies, as many believe this will trigger the next bull run.BTC price trading in the mid-$29,000s | Source: BTCUSD on Tradingview.com
Featured image from iStock, chart from Tradingview.com