In 2009, Bitcoin was still largely unknown as Satoshi Nakamoto had released a white paper on Bitcoin only the year before in October 2008, and cryptocurrency enthusiasts are still figuring out how to mine and trade these new digital currencies.
However, some of the early adopters were fortunate to get in on the innovation very early. An example of this is an individual who mined 150 bitcoins when they were valued at just $0.13. This was back when mining wasn’t that hard and you could mine BTC on an old computer.
HODLing Bitcoin for over a decade
Bitcoin was practically worthless in its early days. Early adopters were mostly mining bitcoin just for fun, and only a few of them accepted it as a form of payment. However, the growth of Bitcoin over the years created a new industry that experienced huge growth spurts in the following decade.
For this reporter, after more than a decade of HODLing, his patience and belief in bitcoin is paying off. On-chain data shows that when 150 BTC was mined, its total value was only $19.50.
However, the owner of those 150 BTC held for more than a decade before finally deciding to get paid. .
Miner sells 150 BTC after 13 years | Source: Ki Young Ju on X
Interestingly, they sold their coins during the period when bitcoin fell from its all-time high of $68,789 in November 2021. This means that if they had sold at the top, they would have made around $10 million for holding 150 BTC for a period of time. 13 years old.
At the time of writing, Bitcoin was currently trading at $29,468, roughly 30% below where the owner sold it. So if they had held so far, their holdings would have been down to $4.5 million so far.
Early adopters of BTC
Early adopters are known to make the most from the crypto boom. This 5 billion percent profit from 150 bitcoins adds to a growing list of success stories from early investment and long-term holding.
However, the assets of some of these early users have been locked away forever. A few other miners completely forgot their early Bitcoin wallets, only to rediscover them years later, while some are lost forever.
According to IntoTheBlock29% of the total bitcoin supply has not moved in more than five years. Most of these are early and are presumably lost forever.
As the bitcoin and cryptocurrency industry moves forward, it is waiting for the US Securities and Exchange Commission (SEC) to approve or reject Spot Bitcoin ETF files by investment firms, as many believe this will lead to Next bull run.
BTC price trading in the mid-$29,000s | Source: BTCUSD on Tradingview.com
Featured image from iStock, chart from Tradingview.com
