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Diamond Hand! This Early Bitcoin Investor Turned $600 Into $178M by HODLing for 14 Years

Blockchain data reveals that the wallet initially received 2,000 BTC in 2010 when Bitcoin was valued at approximately $0.30 per coin.

Avatar image of Jonathan Agozie Jonathan Agozie•November 16, 2024
ETH, MEMECOIN TRADER

An early Bitcoin investor has turned an estimated $600 into a staggering $178 million, achieving a profit of approximately 297,000 times the initial investment. According to on-chain data, the investor transferred 2,000 BTC to Coinbase after holding the cryptocurrency since 2010.

The transaction aligns with a recent pattern of long-dormant BTC wallets becoming active, particularly following a surge in Bitcoin prices after Donald Trump’s U.S. election victory earlier this month. 

Such transfers to exchanges often indicate intentions to sell the assets.

Over 29,000,000% in Profit

Blockchain data shows that the wallet initially received 2,000 BTC in 2010, when the cryptocurrency was valued at just approximately $0.3 per coin, totaling a modest $600. Given the current price of BTC, the investor has made an extraordinary profit of over 29 million percent on their initial investment.

As per CoinGecko’s data, BTC is trading at $89,400, reflecting a 4.31% drop from its all-time high of $93,477 reached on November 13.

Early BTC Wallets Reawaken

Instances of early Bitcoin wallets reawakening during bullish market conditions have been observed before. Glassnode data reveals a recent increase in wallets inactive for over five years, with the number hitting a two-month peak.

In October, CoinTab reported that a wallet dormant for 12 years transferred BTC worth $27.21 million. The wallet had initially received 400 BTC in 2012, when Bitcoin’s price was $5.45, making the original holdings worth just $2,180. 

Another wallet, inactive for 15 years, moved $3.6 million in BTC to Kraken in the same month. The wallet, originating in 2009, grew its Bitcoin holdings from $474,000 to over $80 million due to the asset’s appreciation over time. 

Earlier in June, a different Bitcoin whale, inactive for five and a half years, surfaced by transferring 8,000 BTC valued at $535 million to Binance. On-chain records reveal the wallet first received the Bitcoin in December 2018 through six separate transactions, when the cryptocurrency was priced at $3,810, making the total investment worth $30.4 million at the time.

Jonathan Agozie

Jonathan Agozie is a prompt engineer committed to crafting clear and technically sound content on blockchain, cryptocurrency, and Web3 technologies.