Since its creation in 2009, Bitcoin has proven to be a valuable store of value. Pioneers in the ecosystem experience this firsthand as their BTC holdings have increased in value over the years. On the other hand, those who fail to hold multiply their losses.
An example of those who failed to hold is Michael Mancil Brown, a.k.a. KnightMB. According to a finding by Bitcoin journalist Pete Rizzo, KnightMB owned over 370,000 BTCs exactly 13 years ago, making him an early Bitcoin whale.
At the time, BTC’s circulating supply was around 3.7 million. It implied that Brown held 10% of Bitcoin’s total circulating supply during that period. Based on current price data, the BTC holding will be worth around $10.8 billion.
KnightMB Dumps Over 370k BTC
According to on-chain data, the total BTC holdings owned by KnightMB have been sold off. A Bitcoiner revealed in a tweet that Brown either spent or donated his total BTC holdings. He also created a so-called Timekoin cryptocurrency project. Brown was later arrested for blackmailing Mitt Romney in exchange for Bitcoin.
KnightMB’s last public hearing was in a 2016 court document detailing a lawsuit against him. The U.S. Department of Justice convicted Brown of six counts of wire fraud and six counts of facilitating interstate commerce to commit extortion.
Others Keep Holding BTC
Presently, no singular BTC retail or institutional holder has BTCs numbering up to 370,000 or 10% of BTC supply. According to the price tracking platform Bitcoin Treasuries, publicly-traded firms such as MicroStrategy and Marathon Digital take the front-row seats for Bitcoin holders.
Business intelligence MicroStrategy has been committed to a BTC acquisition spree since August 2020 under the administration of its co-founder Michael Saylor. The company’s latest purchase of 12,333 BTCs occurred last month. The firm’s total BTC stash currently sits at 152,333 BTCs worth over $4.5 billion.
Meanwhile, Bitcoin’s price performance has significantly improved when compared with its value 13 years ago when KnightMB still had over 370,000 BTCs. BTC currently trades at $29,100.
