A Bitcoin holder has managed to turn about $6000 into $22 million by resisting the temptation to cash out over nearly ten years. As per WhaleStats data, a dormant address holding 500 BTC now valued at 22,161,836 has just been activated after 9.8 years.
Speculations continue to remain on the reactivation of such wallets, and whether or not its owner had enough conviction to hodl the coins for well over a decade.
The most likely theory is that someone accidentally found their long-lost private keys and gained access to a massive fortune. It’s also possible that the wallet came out of dormancy after its owner finally managed to unlock it. One also shouldn’t rule out that someone had such a high level of conviction.
Over the past few months, several similar Bitcoin wallets came to life after years of inactivity. Addresses that date back to 2011 typically attract the biggest amount of public interest since they could be possibly linked to none other than Satoshi Nakamoto.
Bitcoin presently trades at $44,595, representing a 1% gain on the day. Bitcoin is on course to mark the fifth consecutive day in the green after rebounding from lows of $40,509 on Mar. 21.
This positive run brought Bitcoin to highs of $45,130 on Mar. 25, before the price stabilized near $44,000 today. Analysts remain confident of the near-term prospects. Matthew Dibb, chief operating officer and co-founder of Stack Funds, states “We are at the upper band of resistance currently as BTC approached 2022 highs. With the spot flow we have been seeing, we are cautiously optimistic that there will be a continuation of the medium-term uptrend and a run to $50,000,”
Positive news follows as reports indicate that Exxon is mining Bitcoin in North Dakota as part of its plan to slash emissions. Exxon’s Bitcoin mining work in North Dakota was first reported by Bloomberg, which said the company is also considering similar pilots in Alaska, the Qua Iboe Terminal in Nigeria, Argentina’s Vaca Muerta shale field, Guyana and Germany.
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