In a trend that now comes off as the norm, 2 Bitcoin (BTC) whale addresses with over a decade in dormancy has reawakened. However, the two addresses, marked by the markers “16vRqA” and “1DUJuH” contained the same units of BTC. Per the records, they both went dormant within a 24 hour span of each other.
From Bitcoin (BTC) Dormancy To Profitability
It is not uncommon to see the locked BTC addresses from the Satoshi-era suddenly make their appearance again. It is evident from the majority of the addresses which have relaunched themselves into the market that they have been able to generate huge earnings. Moreover, these wallets are no exceptions to this rule as well as the 500 BTC they had. 7 years ago, each one is now worth $30,494,084.
These Bitcoin holdings were only worth $63,565 in 2013. That means they have now doubled by over 47,873%. This large profit was achieved due to the fact that the price of Bitcoin, which was $124 then, rose to $61,234. 97 today.
Beyond the Early Adopters
Bitcoin has faced a lot of complicated development since 2013 until now. From being a currency for enthusiasts to the one now held by millions of addresses across the globe, the digital currency has passed that mark. At the beginning, BTC was a tool of a few tech-savvy people all over the world. At this point in time the majority of people own bitcoin either as a stand alone asset or in regulated products such as an ETF.
The first breakthrough for Bitcoin came earlier this year when SEC (US Securities and Exchange Commission) got its approval for the BTC ETF. However, the approval allows companies such as BlackRock, Fidelity Investments and Bitwise to offer a regulated product for anyone to get exposure to Bitcoin.
Bitcoin, Price Surge and Enhanced Utility
The embrace of Bitcoin has helped the digital currency rebound dramatically. In March, it registered a new All-Time High (ATH) above $73,000. In that same month, several dormant Bitcoin addresses sprang to life as some took advantage of the higher pricing to maximize their holdings.
Besides price action, Bitcoin is also building on its legacy to pivot into supporting smart contracts. This shift to smart contract support pioneered with the emergence of Inscriptions. In addition, while this innovation bagged applause from the community, a more advanced Runes Protocol went live at the last halving event. Runes got an instant acceptance in the community. However, the community anticipates how it will change the developer landscape on Bitcoin.
