As BTC (bitcoin) has been recording its all-time highs, a HODLer has finally recovered his long lost private key. The crypto user under Reddit username BitcoinHolderThankU has 127 BTC (bitcoin) in a digital wallet.
According to the crypto user who happens to be a student, accidentally HODLed BTC (bitcoin) starting 2011. On Dec. 22, they have finally recovered the lost private keys on an older model Dell computer. At that time the price of BTC (bitcoin) is already at $23,833 which brings their BTC holdings at $3.026M in value. However, they sold it during the middle of the bull run.
“I spent the next week figuring out how to safely and securely liquidate such a large amount of Bitcoin for the cheapest price possible. I went back and forth between different [over-the-counter principal desks] and ultimately ended up selling all 127 Bitcoins for a price of $33,439.02 per coin minus a 0.15% fee. The net was roughly $4.24 million.”
They started earning their BTC (bitcoin) in 2011 or 2012 through surveys, watching videos, and completing random tasks. They intended to use their earnings to purchase in-game currency for the online game DarkOrbit. But the purchase never happened. The private keys were also forgotten until just recently were recovered.
On Jan. 8, BTC (bitcoin) price soared high and recorded its newest all-time high in history at almost $42K. If the crypto user sold his BTC (bitcoin) during that time, they could have amassed more than $5M.
But all’s well that ends well for the crypto user. Everything they have now is already a net profit considering they got the BTC (bitcoin) for free. So, where do they intend to spend their newly found fortune? Here’s what they have to say.
“I don’t want to end up like one of those people who win the lottery and blow it all in a matter of months/years […] I’m going to continue living my life normally as I was on December 21st and every day before that.”
They plan to invest the bulk of the funds into the S&P 500. They further added:
“To give myself credit, I did HODL for 8-9 years which is more than the vast majority of crypto users,” they said. “I definitely would’ve done things differently if I were given a second chance.”
According to reports, there are still BTC (bitcoin) that remained uncovered. In a recent study, about 20% of BTC (bitcoin) supply may be lost forever. This translates to 4.2M BTC (bitcoin) or $138B in value with the bitcoin’s current price at $32,986. One of the reasons for this is the loss of private keys. It is unlikely for these bitcoins to return to circulation.