Why HODL? Bitcoin Address With $1,894 in 2011 Wakes up to $11M

HODLing bitcoin requires a great deal of self-control, especially with bitcoin’s recent bull run. One bitcoin holder took HODLing to the next level by waiting nine solid years before touching their bitcoin stash.

According to a recent report provided by the global live cryptocurrency transactions monitor, Whale Alert, a dormant address containing a bitcoin fortune was activated today after 9.7 years.

As per the alert, the bitcoin wallet address contained a total of 310 bitcoins which was valued at $1,894, at a price of less than $7 per unit, earlier in 2011.

Despite the daily price action of the digital asset, this holder had left this large amount of bitcoins in the wallet only to activate it at a time when the asset’s price had risen to unimaginable heights.

Bitcoin is currently trading at $37,262.95 per unit, according to live data from CoinMarketCap.

This current price brings the total value of bitcoin in the wallet to a whopping $11.5 million, a significant increase within 9.7 years. 

HODLers Continue HODLing

Although most people prefer trading bitcoin daily and moving with the price changes, several studies have shown that an equally large number of bitcoin holders prefer HODLing their coins.

Fueled by the expectation that bitcoin’s price will continue to increase, these HODLers refuse to touch their bitcoin stash, hoping to reap the rewards of their patience in the future.

Earlier in 2020, data from LookIntoBitcoin revealed that as much as 60% of bitcoin has not moved on the blockchain.

While this bitcoin holder is fortunate to still have the password to access their wallet, others are not that lucky.

There have been tales of people who lost their bitcoin stash to either a forgotten password or a lost laptop. 

One such situation is the fate of Infowars founder, Alex Jones, who disclosed a few months ago that he had lost his laptop containing 10,000 bitcoins worth over $570 million.