- A crypto user moved 100 physical Bitcoin to a hardware wallet after 13 years of holding.
- The Bitcoin was stored on a Casascius bar bought in 2012 for under $100 per BTC.
- At current prices, the 100 BTC is valued at over $10 million.
- Physical Casascius coins contain private keys, and few remain unredeemed today.
- Large Casascius bars, including two 1,000-BTC bars, have not yet been redeemed, according to tracker data.
A pseudonymous crypto user known as John Galt moved 100 Bitcoin (BTC) from a physical Casascius bar to a hardware wallet on May 13. The transfer followed around 13 years of holding these coins in physical form.
Galt originally purchased the Casascius bar in 2012 when Bitcoin traded below $100. At the time of the move, Bitcoin’s price was about $104,000, making the bar worth over $10 million.
According to Galt, “Back then I thought Casascius coins were cool and maybe the future. I figured if Bitcoin ever got big these coins would be part of history so I started collecting.” He mentioned he preferred to sell the intact bar but found it difficult to locate legitimate buyers as the value increased. “Redeeming it felt like destroying a piece of history, like melting down some ancient Gold necklace or something,” he said. Galt also stated, “Having 100 BTC is life-changing for anyone. But the thing is I’ve had it for so long that this was more about staying safe than suddenly getting rich.” Until withdrawal, Galt kept the bar in a vault.
Casascius coins and bars are physical items that contained various amounts of Bitcoin. Each bar or coin holds a hidden private key sealed under a tamper-evident hologram. Owners can access the Bitcoin by removing this seal and transferring the funds to another wallet type, such as a hardware wallet.
Data from the Casascius tracker Uberbills shows there are over 17,000 active, unredeemed Casascius coins and bars. This includes two 1,000-BTC bars worth more than $100 million each, a 500-BTC bar worth $50 million, and 35 bars with 100 BTC.
Unredeemed Casascius items come in various sizes, from small value coins to larger bars. These forms of physical Bitcoin have become rare since they stopped production, and their scarcity has grown alongside the rise in Bitcoin’s price.
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