A Bitcoin BTC/USD investor has demonstrated the potential of long-term investment in digital assets by turning a mere $120 into a staggering $179 million over a 14-year period.
What Happened: A Bitcoin whale moved 2,000 Bitcoin, now worth $179 million, which had been untouched for 14 years.
Blockchain data indicates that the whale received the coins in 2010 when they were valued at just $0.06 each, making the total value of the coins at that time $120.
The investor transferred the Bitcoin to the American crypto exchange, Coinbase, last week, after seeing their holdings appreciate by nearly 150,000,000%. This move is presumed to be a step towards selling the digital asset.
Currently, Bitcoin is valued at $90,476, according to Benzinga data. It reached an all-time high of over $93,000 last week, marking an increase of about $20,000 since Election Day.
Why It Matters: Bitcoin whales, as they are known in the crypto world, are investors who accumulate large amounts of digital coins and hold onto them for years, watching their value increase exponentially.
Despite short-term volatility, Bitcoin typically appreciates more than most other assets in the long run, yielding substantial returns for those who hold onto it, known as “HODLers.”
This story serves as a testament to the potential of long-term investment in digital assets.
Read Next
Scaramucci: Trump’s Crypto Support Could Push Bitcoin To $150K
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
