For fans of Bitcoin, it’s a positive start to March as news breaks of 1000 dormant Bitcoin moving onto the market after nearly five years of inactivity from the original owner.
While it remains unclear what will happen to the currency long-term, this is still a good sign that Bitcoin could shoot up in value again and is promising regardless, as 1000 Bitcoin is a substantial amount of coins to have dormant in a wallet.
The Story So Far
A recent Bitcoin whale moved 1000 tokens for the first time since their purchase four years ago.
This is a significant movement of assets which coincides directly with their growth significantly increasing over the last few years – the coins are calculated to have appreciated by 575%.
The tokens were first purchased on the 23rd of February, 2019. At the time, Bitcoin was trading at $3,468. The information comes from verified CryptoQuant author JA Maartun.
The Working Theory
The current working theory for the currency is that the whale address bought all 1000 tokens at the same time in 2019 for a price of $3.4m.
The tokens have been dormant for four years until recently when they began to move as Bitcoin was trading at $23,447. This means that currency has appreciated in value by 575%, for a new cumulative value of €23.4m.
If the owner of the coins sold them off, they would have made a strong profit of €19.9m from the sale. However, there is currently little-to-no evidence to support a sell-off. Instead, the current working theory is that the assets have been sent to a different wallet owned by the same person or company – the current identity of the owner is unknown.
A Positive Development
It’s definitely been a positive development for Bitcoin as a whole, as the currency has been on a hot streak of increasing in value recently, crossing the $24,000 level at one point.
More coins entering circulation should help improve the overall price long-term and give investors something to be interested in. If these coins are eventually introduced into the public market, it can help a lot with giving people more opportunities to invest. They may not get released into the public eye for a while, of course, but for now, it’s a case of waiting and seeing.
Final Thoughts
We at Bitcoin Bible think that the moving of so much Bitcoin is a good thing, and it should hopefully point towards market activity in the near future. There are presumably other wallets like this in the world, filled with coins that haven’t been touched for years. If this is the case, they will contribute to the value of Bitcoin as they are released into the market. As this happens, we’ll be sure to keep an eye on things and report on how it changes the currency. For now, we’ll be keeping a close eye on the industry to see if these Bitcoins will, in fact, be released.
