A Satoshi-era bitcoin address holding 489 coins has been activated after over 11 years. The last time a transaction occurred at the wallet was in 2010, when the BTC in it was worth $50.
HODLing over the years or something else?
According to popular crypto data analytics platform Whale Alert, the bitcoin address has shown no activity for the past 11.4 years. The address contains 489 BTC, which in 2010 was worth just $50. According to today’s prices, however, that amount is worth more than $20 million.
The community went wild in speculating on possible reasons for which the address was inactive for so long. Lost seed, owner, being in jail, hacks, and whatnot were just some of the suggestions.
Of course, if we exclude them, it’s admirable that someone managed to have diamond hands during this time and return over 42,000,000%.
HODL Pays Out
HODLing Bitcoin has so far turned out to be a great investment strategy for those who are unable to time the market. BTC is still a very volatile asset, and being able to predict its movements is as challenging as ever.
For example, yesterday (March 9), the digital asset reacted positively to Joe Biden’s executive order on cryptocurrencies, surging from $39,000 to nearly $42,000 within hours. Today (March 10), however, the price of BTC is back to $39,000. It’s about 7% movement in either direction, which is extremely difficult to time correctly.
According to a recent study, 37% of the surveyed American investors would not cash out their crypto holdings even in critical moments. Known as having “diamond hands,” these people admitted they don’t even find luxurious purchases as a tempting reason to sell their stash.
The research further revealed that the average amount these participants have allocated to the crypto market is over $1,700.
