A Bitcoin wallet has been activated after almost a decade of dormancy
A Bitcoin wallet containing 500 BTC ($22.1 million) has been activated after 9.8 years. What will happen?
— Whale Alert (@whale_alert) March 26, 2022
Dormant Bitcoin whale awakens after almost 10 years
Many users began to speculate as to why the wallet owners were waiting so long to get it working again. One of them suggested that they simply wanted to delay gratification. Others believe that someone simply eventually discovered the hard drive or the private key that could eventually unlock the property. If someone were disciplined not to sell Bitcoin at $69,000, it doesn’t seem like they would decide to do this at current prices.
The largest cryptocurrency is changing hands at $44,556 on the Bitstamp exchange at press time. Cryptocurrencies are up around 7% in the last 24 hours, but cryptos are still down 35.32%.
Several other ancient crypto wallets were born earlier this month after years of inactivity. On March 7, a Bitcoin wallet containing 407 BTC ($18.1 million) was activated for the first time in over eight years.
Last February, an Ethereum wallet showed signs of working after securing large profits for its holders for the past six years. Old wallets emerge from hibernation relatively frequently, but addresses dating back to the Satoshi Nakamoto era are more likely to arouse public interest because they are likely activated by the creator of Bitcoin himself.
However, there is a lot of money that will probably never come back. According to a report by Chainalysis, around 3.79 million coins have been lost forever. The current circulating supply of Bitcoin is 18.9 million coins.
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