Reddit Poster who Found Keys to 127 BTC Shares Thoughts

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In Brief
  • Reddit poster BitcoinHolderThankU (BHTU) claims to have found the key to a 8-9 year old BTC wallet.

  • The wallet contained 127 bitcoin.

  • After selling it all on the OTC market, BHTU has some seller's remorse. And more than $4 million.

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Reddit’s BitcoinHolderThankU found the keys to an 8-9 year old account, which held 127 bitcoin.

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BitcoinHolderThankU (BHTU), who lost a wallet key around 2012, found the BTC wallet key on Dec. 22. BHTU took to reddit to post observations based on what happened. 

What BHTU would have done differently

BHTU first decided to realize the gains possible as soon as possible without making a mess of it. In other words, the stake would be liquidated, but not too hastily. BHTU sold all the bitcoin over the counter for a net of about $4.24 million.

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Looking back after the transaction, BHTU had second thoughts. The BTC sold for more than $33,400 per coin. However, the price gains since the sale brought on some seller’s regret. “Instead, I would’ve sold the majority of them and kept a handful to hold for years to come.”

Moving BTC en masse

BHTU points to the skepticism caused by an initial post, and doubts that so much bitcoin could be moved at once. The author points to the fact that exchanges have limits, so an exchange could not be used. An OTC Principal Desk was used instead. BHTU states that it took about a week to sort out the details, and that multiple companies were contacted to find one with minimal fees.

BHTU addresses the question as to why the whole amount was moved at once. “It would take forever” given the exchanges’ restrictions. BHTU feared that the price could drop significantly during the time needed to liquidate the position.

What next?

BHTU is pondering next moves while still working on “school”. “My plan moving forward is to find a safe, low-risk investment channel…” BHTU writes.

What’s next for Bitcoin?

Most observers see bitcoin, and cryptocurrency in general, as in a bull market. Famous bitcoin bull and Miller Value Partners CEO Bill Miller points to the fact that unlike most assets, bitcoin becomes less risky as it rises in value. This is in part because bitcoin is still in an early acceptance stage. Large banks can buy and sell and custody bitcoin, but still don’t.

Some point to the bubble-like nature of bitcoin at this investment stage. Bank of America called the current bitcoin rally possible, “the mother of all bubbles” on Jan. 9.

Still others are still against bitcoin, even if they see blockchain technology as being useful. Sean Williams of The Motley Fool and Warren Buffett, for example, remain at best unconvinced regarding the largest crypto.

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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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