Some Bitcoin that had been lying fallow for more than a decade has just moved. The unknown owner of the funds transferred 1,050 Bitcoin, currently worth more than $11.8 million.
The Bitcoins that just moved were mined back in September 2010, suggesting that the owner is one of Bitcoin’s earliest miners. The owner transferred more than $100,000 worth of Bitcoin as a donation to the Free Software Foundation (FSF).
Cryptocurrency trader and creator of crypto trading robots, Kirill K., first revealed the development on LinkedIn. A comment on Kirill’s post by Ikigai Asset Management’s Head of Quant Strategy, Hans Hauge, predicts that the move is a bullish one by an “OG miner” who is currently moving their assets to the new segwit-enabled Bech 32 format, from the old address style. The Bech32 format is a lot more secure and has more space efficiency. On why the move is bullish, Hauge said:
“If this guy was just planning on dumping these coins on an exchange, why bother with the new address format and chunk size? It’s like he’s organizing his vault. Nice find.”
The move is also interesting because it involves coins that were created in Bitcoin’s early days, and also because creator Satoshi Nakamoto was still active at the time. Nakamoto became inactive later in 2010 and has remained so since then.
Image Credits: Pixabay