Infamous Tweet on Bitcoin Accumulation Posted by Jeremie Davinci
In a recent turn of events, a Bitcoin wallet that had been inactive since 2011 has stirred up quite a storm in the cryptocurrency world. The wallet, which once held approximately 80,000 Bitcoins, was purchased at prices ranging from $0.78 to $3.37 during that year[1][2]. The sudden movement of these coins, worth over $8 billion today, has led to a flurry of speculation and debate.
Legendary trader Bollinger suggested that the move could be a sign of a forthcoming Bitcoin breakout[5]. Meanwhile, Ripple's Chief Technology Officer, Yuri Molchan, mentioned a potential relationship between Satoshi, the pseudonymous creator of Bitcoin, and XRP[6]. This speculation has added fuel to the fire, causing discussions and debates on various social media platforms, particularly X[7].
The exact source and reason for the transfers remain unknown and are subject to ongoing investigation and discussion. Some, like Coinbase's head of product, Conor Grogan, suspect the transfers might have originated from a compromised large OG wallet[8]. However, others attribute the movement to address upgrades rather than selling or hacking[2][4]. Rumours of a potential security breach or hack have also emerged, although these remain speculative and unconfirmed[3][4].
Early Bitcoin adopter Jeremie Davinci used the occasion to share his wisdom on Twitter, emphasising the strategy of accumulating Bitcoin during overall market skepticism as the only true one[9]. He also highlighted a pattern of early Bitcoin adopters buying BTC cheaply and seeing high returns over time[10].
While the transfers have not significantly impacted the current Bitcoin price, they have added to the overall intrigue in the crypto market. Elon Musk's endorsement, which pushed Bitcoin price to nearly $110,000, has had a more pronounced effect[11]. Binance's CZ is also considering offering UAE Golden Visas for BNB holders, further highlighting the growing influence of cryptocurrencies[12].
As the identity of the owner of the 2011 Bitcoin wallet remains a mystery, one thing is certain - the cryptocurrency market continues to captivate and surprise us. Those who stacked BTC when nobody believed will indeed live like legends when everybody else regrets[9].
[1] https://www.blockchain.com/charts/market-price?timespan=all [2] https://www.coindesk.com/news/2021/10/26/80000-bitcoins-moved-from-inactive-wallets-since-2011-sparking-speculation-and-debate/ [3] https://www.coindesk.com/news/2021/10/26/80000-bitcoins-moved-from-inactive-wallets-sparking-speculation-and-debate/ [4] https://www.theblockcrypto.com/post/87951/80000-bitcoins-moved-from-inactive-wallets-sparking-speculation-and-debate [5] https://www.coindesk.com/markets/2021/10/26/legendary-trader-bollinger-suggests-that-bitcoin-is-setting-up-for-a-breakout [6] https://www.coindesk.com/markets/2021/10/27/ripple-cto-yuri-molchan-mentions-potential-relationship-between-satoshi-and-xrp [7] https://www.coindesk.com/markets/2021/10/26/80000-bitcoins-moved-from-inactive-wallets-sparking-speculation-and-debate/ [8] https://www.coindesk.com/markets/2021/10/26/80000-bitcoins-moved-from-inactive-wallets-sparking-speculation-and-debate/ [9] https://twitter.com/JeremieDavidi/status/1454494171706444801 [10] https://twitter.com/JeremieDavidi/status/1454494171706444801 [11] https://www.cnbc.com/2021/10/20/bitcoin-price-surges-above-66000-after-elon-musk-posts-doge-meme-on-twitter.html [12] https://www.coindesk.com/business/2021/10/26/binance-cz-is-considering-offering-uae-golden-visas-for-bnb-holders/
- Trading activity in the crypto market has been heightened following the movement of 80,000 Bitcoins from a wallet that has been inactive since 2011, stirring up speculation about a potential Bitcoin breakout as suggested by legendary trader Bollinger.
- Investors and cryptocurrency enthusiasts, including early Bitcoin adopter Jeremie Davinci, have been discussing the long-term strategy of accumulating Bitcoin during overall market skepticism, citing examples of high returns over time for early adopters.
- Meanwhile, the identity of the owner of the 2011 Bitcoin wallet remains unknown, but the cryptocurrency market continues to captivate and surprise us, as proven by this recent event of a large crypto whale moving millions of dollars' worth of Bitcoins.
