Dormant Casascius Bitcoin Coins Activated, Unlocking $179 Million
Two long-dormant Casascius Bitcoin coins, each containing 1,000 BTC, were activated on Friday, releasing over $179 million in value after 13 years of inactivity. These coins, minted in 2011 and 2012 by Mike Caldwell, feature tamper-resistant holograms concealing private keys. The coins were moved to digital wallets, with one minted when Bitcoin was valued at $3.88 and the other at $11.69. At current prices exceeding $90,000 per Bitcoin, the activation marks a return of over 2.3 million percent for the 2011 coin.
Casascius coins, known for their historical significance, often see activation driven by accessibility and security rather than immediate sale. While redeemed coins lose their Bitcoin value, they maintain collectible appeal. A previous activation by a coin owner, 'John Galt,' involved redeeming a 100 BTC coin for security reasons, highlighting the trend of prioritizing safety over liquidation.