A bitcoin wallet containing 791 BTC ($ 25.7 million at a current market price of $ 32,500) that has not been active for nearly 10 years has just been activated.
This was made known through a popular blockchain tracker, Whale Alert, which tweeted about significant movements in wallet activity on various blockchain networks. The bitcoin dormant address in question was activated after 9.1 years of silence. According to Whale Alert, 640 of these bitcoins, valued at over $ 20.8 million, were recently withdrawn from the account.
The wallet is known in the cryptocurrency community as the “Satoshi-Era” wallet because it was created back in June 2012, almost 14 months after the creator of the Bitcoin blockchain and the creator of the first cryptocurrency, but unknown to the world aka Satoshi Nakamoto, disappeared from the internet. The legendary Bitcoin inventor shared his last emails on April 26, 2011 before going completely offline.
The recent awakening of the Bitcoin wallet from the Satoshi era isn’t the only one that has happened this year. Back in March, Whale Alert reported on the “resurrection” of another BTC wallet from the Satoshi era. 5000 bitcoins were transferred from the wallet, which was previously inactive for more than 7 years. A move similar to this most recent was noted in late February 2021 when 2189 BTC, valued at over $ 105 million at the time, was transferred from the sleeping wallet.
What that means
This suggests that Bitcoin early adopters are benefiting from their investment in the asset class. In June 2012, Bitcoin was trading at $ 5.27, which means that the owner of the wallet received all 791 bitcoin for $ 4,168.57. This corresponds to a return on investment of 616,418% in 9.1 years.
No asset class has achieved this return in nearly 10 years. Many people believe that Bitcoin is just getting started as many have predicted that the asset class will hit up to $ 500,000 for 1 BTC by 2025. While this is all speculation, the Bitcoin network has really helped revolutionize the world of finance and banking, we know it.
While there isn’t enough evidence to link these weird dormant transactions to Satoshi Nakamoto, if he pulls dormant bitcoins from the past it could just be the most romantic material version of the sleeping beauty.