After 9 Years, Bitcoin Wallet Grew From Rs. 6 Lakhs To Rs. 216 Crores Awoken
Since 2012, a Bitcoin wallet has housed 616 crypto currencies.
A Bitcoin wallet that had been sleeping for 12 years and had only made minor transactions suddenly awoke and transferred 616 tokens worth $29.40 million (approximately Rs. 216 crores) to another wallet. Each Bitcoin was worth $13.30 (approximately Rs. 978) when it received those 616 coins on December 10, 2012, so the overall transaction was worth $8,195 (about Rs. 6 lakhs) at the time. This inactive wallet becomes a whale thanks to Bitcoin's meteoric rise. It also proved long-term investments pay for those who remain patient in the new business, despite its extremely unpredictable nature.
Bitcoin was a relatively new concept in 2012, and few people had heard of it or trusted it. It grew throughout time as more people became aware of it and entered the sector. The early investors who bet on Bitcoin back then gained a fortune.
According to Blockchain.com, Bitcoins were transferred on September 19. After 12 years, this Bitcoin wallet shift serves as a strong reminder of how an investment may develop. Over the last nine years, the whale account holder has gained 3,58,655 percent.
Thousands of Bitcoin were purchased in July by a group of Bitcoin whale accounts that had been inactive since December 2018. On July 17 and 18, they purchased 28,377 Bitcoins valued at $841.85 million (approximately Rs. 62,789 crores).
A similar occurrence occurred in June when a wallet containing 900 Bitcoins unexpectedly awoke after nine years. Its assets had grown from $12,778 (approximately Rs. 9.35 lakhs) in 2012 to nearly $33 million in 2013. (roughly Rs. 242 crores).
Tuesday morning, the price of bitcoin in India was Rs. 31.51 lakhs (approximately $42,827). A whale is a cryptocurrency account with a high quantity of coins and the ability to influence the market. Every transaction by them is closely watched to understand the market trajectory and they are sometimes under scrutiny for their controversial moves. In 2017, around 1,000 people owned about 40 percent of all Bitcoins.