A Bitcoin whale account holding (or rather HODLing) some 900 coins, and dormant since 2012, is worth Rs 242 crore now. The value of the account, which is now active, has shot by over 2,000 percent over the last 9 years.
A Bitcoin whale account holding (or rather HODLing) some 900 coins, and dormant since 2012, is worth Rs 242 crore now that it is finally active. The value of the account has shot by over 2,400 percent over the last 9 years, jumping from Rs 9.34 crore in 2012 to Rs 242 crore in 2021.
It is a fine example of the kind of returns investors get by holding their investments for the long term.
In crypto terms — win over your FUD (Fear, Uncertainty, and Doubt), and HODL (or hold) on to your Bitcoins, and you will become a 'whale' (large bitcoin HODLer/investor with strong market influence) in a few years.
According to an NDTV report, 900 Bitcoins were transferred to the account on August 17, 2012. The account had been dormant since. Recently, it became active and in nine years, the value of the earlier investment shot up by 2,400 percent. The value of 1 Bitcoin at 9:35 am IST on Friday was $37,877.15, according to Coindesk.
A story of another whale account is making news. A Dogecoin address — DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L — currently holds $15 billion worth of meme-based cryptocurrency.
According to media reports, the mysterious trader(s) started buying Dogecoin when it was $0.0018 per coin. It recently added 420.6899 Doge (approximately) and now, the investor holds about 36.7 million Dogecoins with a cumulative worth of $15 billion. At the time of writing, the value of 1 Dogecoin was $0.39, according to Coindesk.
In a similar case, two ex-high school classmates — Kyle Davies and Su Zhu are among the world's largest crypto holders and were worth as much as $2.1 billion in April, according to an HT report.
It is worth mentioning that investors have had a rough past month with the value of cryptocurrencies recording a major drop in the wake of Elon Musk backtracking from his decision of accepting Bitcoins for Tesla cars and the Chinese state bank cautioning people against using digital currencies as a mode of payment.