Early Bitcoin Dev Misses Out on $1.3B After Selling Too Soon
This is what I had mentioned in a post Hodler put up last week, poor guy sold his Bitcoin way too soon and missed-out on $1,3 billion. Moral of the story here – hodl.
Early Bitcoin dev misses out on $1.3B after selling too soon
“Martti Malmi, one of the earliest Bitcoin developers and also known as Sirius, has explained what happened to his once massive crypto holdings since 2009.
According to a Friday Twitter thread from the former Bitcoin (BTC) developer, Malmi mined roughly 55,000 coins between 2009 and 2010 when the price was almost zero. Malmi said that he ended up liquidating 5,050 BTC for $5 in October 2009, and losing 30,000 BTC through one of the first Bitcoin exchanges he ran when “there was no established exchange rate.”
‘I was planning to HODL the rest of my BTC, but had to sell the most of it at a bad rate (~$5) in 2012 when finding a new job took longer than expected,’ said Malmi. ‘Since then I’ve kept my varying amount of savings in BTC. That’s not much, but still nice gains over the years.’”