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50 Bitcoin Moved From a Wallet Inactive Since 2009, What Does This Mean For Bitcoin?

Benson Toti

The bitcoins were moved from an address that has not been active since a month after Bitcoin was founded in 2009.  The question over the identity of the wallet holder and their motives has set the crypto community scrambling for answers.

Bitcoin has been moved from a wallet that has been inactive since 2009. The crypto world has been scrambling to find out who did this and more importantly why this has happened.  The coins have been held in the wallet since early 2009, making the 10 years of inactivity all the more mysterious.

Many were quick to claim the wallet belonged to Satoshi. While it would make for an intriguing story, the facts do not match up.  The wallet is not affiliated with any of the known Satoshi addresses and the coins themselves do not bear the nonce pattern the creator’s mined blocks featured.

If Satoshi is ruled out, then his small group of associates would be the obvious set of culprits. However, an early Bitcoin developer by the name of Martti Malmi was quick to dispel the notion that the early months involved only Satoshi and a small cabal of associates.

Malmi claims that Bitcoin was announced in a mailing list in January 2009 before its February release and that there were in fact more original holders of the coin that one might initially think.

The third possibility, that it was an early miner, is similar to Malmi’s words on the matter.  It is important to remember that there were far more people involved at the beginning of Bitcoin than just Satoshi and his associates.

Clearly, irrespective of who the owner of the wallet is, questions about the motivations of this transaction are still intriguing.  To move Bitcoins after ten years of inactivity, especially when the price of Bitcoin has been fairly stable in the mid $9,000s, is an interesting move.

The owner of the wallet either acquired the coins as an investment or on an ideological basis, as Bitcoin was worth next to zero at the time the wallet was last used. Neither of these motivations, however, would drive one to sell their coins at this current moment.

The crypto-world is left scratching its head and it looks like it will remain that way thanks to the large degree of anonymity afforded by blockchain technology.

While conspiracy theories are fun and add another layer of mystique to the crypto-world, it is important not to react to them too emotionally.  The owner of the coins wanted to move them from the wallet and that is their prerogative and is exactly what decentralised currencies were set up for.

It may spark some short term price drops as people buy into different theories and get jumpy, but it is an incredibly small amount of coins when viewed in the wider picture of Bitcoin’s market cap.

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