A cryptocurrency user who has held physical Bitcoin for nearly 13 years recently shared with Cointelegraph why he ultimately decided to transfer these Bitcoins into a wallet.
On May 13, a user known as "John Galt" on BitcoinTalk stated that he had transferred 100 Bitcoins (BTC) from a physical Casascius gold bar to a hardware wallet. Casascius gold bars and coins are physical carriers of Bitcoin in different denominations, with their private keys attached in a thin film.
Galt mentioned that he purchased the gold bar in 2012 when the price of Bitcoin was less than $100.
“At that time, I thought Casascius coins were cool and perhaps represented the future,” he told Cointelegraph. “I thought that if Bitcoin eventually became big, these coins would become a part of history, so I started collecting them.”
On May 13, the price of Bitcoin was around $104,000, making the gold bar Galt holds worth over $10 million. Although he considered selling before 2025, he told Cointelegraph that finding a legitimate buyer for such a high-value asset is extremely difficult.
“Exchanging it feels like destroying a piece of history, like melting down an ancient gold necklace,” Galt said. “I would prefer to sell it intact along with the tamper-proof film and everything else. But as the value continues to rise, it becomes increasingly difficult.”
Although the asset has been exchanged and is now easier to use through a hardware wallet, Galt stated that he currently has no plans to cash out. He had kept the gold bar in a safe outside his home before using the private key.
There are still a limited number of Casascius gold bars and coins in circulation that have not been redeemed, including brass or silver coins of 0.5BTC and 1BTC, as well as 100BTC gold bars. These physical Bitcoins contain a private key that can be accessed by tearing open the tamper-proof holographic film.
According to data from the Casascius tracking site Uberbills, there are still over 17,000 unredeemed coins and bars in circulation. This includes two 1000BTC gold bars (worth over $100 million), one 500BTC gold bar (worth $50 million), and 35 100BTC gold bars.
Related: Court Ends Coin Center's Appeal Against the U.S. Treasury Regarding Tornado Cash
Original article: “Casascius Bar Holder Becomes More ‘Digital’, Transfers Bitcoin (BTC) to Wallet After 13 Years”
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