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  • BTC Dominance: 51.67%

‘HODL and forget!’: Bitcoin wallet went from ₹ 6 lakh to 216 crore in 9 years

Grabbing the eyeballs of the BTC ‘Hodlers’, a dormant cryptocurrency wallet containing 616.2004 Bitcoins worth nearly $28.35 million( ₹216 crore) has seen a sudden movement. After almost nine  years, the owner of the wallet moved the Bitcoins to another wallet on Sunday. 

The movement in the Bitcoin wallet was first reported by blockchain explorer

What’s so special about the wallet?

The exponential returns the Bitcoin wallet has generated has left investors in awe. The wallet received 616.2004 BTC when the cryptocurrency was trading at $13.30 on on December 10, 2012 . The total investment of the owner was worth $8,195 (approx ₹6 lakhs). 

Today, the value of this wallet has grown about 359284 percent. 

More to cheer for ‘Hodlers’

The whole episode conveys the message Bitcoin enthusiasts are trying to propagate amongst masses – ‘Hodl and forget!’. HODL, a misspelling of “hold”, refers to buy-and-hold strategies in the context of bitcoin and other cryptocurrencies.

Social media is full of messages asking people to buy Bitcoin on dip and forget about the rollercoaster ride the emerging asset class encounters during the course of compounding. 

Bitcoin is the winner – YTD

According to the Coindesk data, BTC’s price has grown 44.81% since January. In comparison, Gold has fallen -6.44%, while the S&P500 index has returned 17.66%.

Bitcoin on Wednesday dropped briefly below $40,000 for the first time since August in volatile trading. This is the third consecutive day of fall for the virtual currency.

The fall was a result of a discussion on cryptocurrencies on Tuesday where US Securities and Exchange Commission Chair Gary Gensler said past instances of banks and other firms offering private forms of money have failed.

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