Bitcoin, the largest cryptocurrency, has seen exponential growth since its debut in 2009. Early investors who have stuck around currently sit at substantial gains. The opposite is the case for those who sold or “dumped” the asset, so to speak.
The latter is the case for a former Bitcoiner who sold a whopping stack of 30,000 BTC for $0.03 per coin on August 30, 2010. It implies that the total amount received for the Bitcoin sale was approximately $900. If sold according to the current trading price, that pile of Bitcoin will be worth more than $810 million.
Early Bitcoiner Sells Off BTC
Bitcoin historian Pete Rizzo shared a link to a BitcoinTalk thread showing the former Bitcoiner’s comment about the desire to “sell some bitcoins.”
Although the user’s identity remains speculative, the data center employee William “Nenolod” Pitcock was likely the seller. If the speculation is correct, it means that Nenolod held approximately 100,000 BTC in his portfolio before liquidating his position 13 years ago.
It is worth noting that Bitcoin’s trading price at the time was $0.06, showing that the user sold at half the asset’s price. By offering to sell BTC for that amount, Nenolod’s action gives off the idea that they did not view Bitcoin as having the potential to grow in value.
Via his webpage, Nenolod expressed his view on Bitcoin and its potential.
“I think bitcoin has a lot of potential in the microcurrency area, especially for MMOs . . . I do not believe that bitcoin will ever replace actual money. Some people would like for it to replace actual money, but frankly I am not one of those people,” he wrote.
Today, Nenolod may consider his losses overwhelming. On the other hand, other investors, such as the Bitcoiner who bought the 30,000 BTC, may have reaped bountifully if they held on to the coins for a reasonable time.
Bitcoin Trades Around $26k
(Source: CoinStats)
Throughout its 14 years of existence, Bitcoin has attained an all-time high trading price of around $69,000.The leading cryptocurrency currently trades at around $26,000 amid a broader bearish market trend.
