Late on Thursday night, US Eastern time, someone made one of the biggest transactions in bitcoin history: 94,504 bitcoins.
That’s some serious coinage.
Ok, at least I know the basics of bitcoin, but how so many of them are tied to someone we simply have no hint of a clue about it?
This is really interesting thanks for sharing.
@MaydayJane the reason Bitcoin has always been volatile is that a high percentage of holders are either retail traders trying to get rich or a few massive private investors…In this case, it looks like one of those massive private holders has sold out of their position. Bitcoin is unregulated so they can do so at their pleasure.
If you compare Bitcoin to say cash which is held by every individual and thousands of institutions. If one institution sells out of a position they is not a big impact.
Well I know what I’m going to do with my day now study what happens when someone sells 1 billion worth of bitcoin
Actually, it seems that what happened was… nothing?
mmmmmmmm fake news maybe ?
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This is fake news!
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But then can anybody explain this?
https://www.blockchain.com/btc/address/37XuVSEpWW4trkfmvWzegTHQt7BdktSKUs
Exactly. Looks “real” to me.
Remember, bitcoin has been around for over 10 years. It’s quite conceivable that early adopters and supporters easily accumulated vast amounts of the currency before the world at large took notice.
And base on this article, accumulating 95,000 btc would have cost under USD $100 in 2009.
Toward the end of the year, in October, the New Liberty Standard publishes the first Bitcoin exchange rate in the young cryptocurrency’s history, deeming $1 to be worth 1,309.03 BTC.
I agree, but just by the look of the website and no multiple sources for the story, looks a bit fishy!
Do you mean the Ars Technica website or Blockchains.com’s? Both are pretty well known and reputable. And there were plenty of other outlets reporting the story.
Bloomberg is mentioned in that article as a source of some of the reporting.
Geez, one of this things is not like the other things!
wowzers!!!
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It has been 11 days now. Have you been able to find out “what happens when someone sells 1 billion worth of bitcoin”?
Simple, someone (or many) buys the $1 million worth of BTC.