Casascius Bar Owner Moves Bitcoin To Wallet After 13 Years

In a remarkable turn, a crypto user known as “John Galt” has moved his physical Bitcoin, a decision shaped by 13 years of ownership and changing times in cryptocurrency.

Physical Bitcoin Ownership After 13 Years

A significant moment in the world of cryptocurrency occurred recently when a crypto enthusiast who had clung to a physical Casascius bar for 13 years decided it was finally time to make the transition to digital. This Bitcoin user, known online as “John Galt,” moved 100 Bitcoin (BTC) from their physical bar to a hardware wallet on May 13. Casascius bars represent physical embodiments of Bitcoin, with private keys hidden beneath a seal on the bar, allowing access to the underlying digital assets.

Value Appreciation Over The Years

Galt’s journey began back in 2012, when Bitcoin was just beginning to capture attention, fetching under $100. At the time, he found the Casascius coins fascinating, believing they could become historic artefacts in the future. “I figured if Bitcoin ever got big these coins would be part of history, so I started collecting,” Galt reminisced. A testament to his foresight, on the very day he made the decision to transfer his coins, Bitcoin’s value was approximately $104,000, clearly highlighting the meteoric rise of the cryptocurrency.

Challenges of Selling A Historical Item

The value of Galt’s 100 BTC bar is now estimated at over $10 million. Surprisingly, he considered selling it before 2025 but struggled to find genuine buyers willing to pay a hefty price for such a remarkable object. In his words, redeeming this piece felt akin to destroying a relic, like “melting down some ancient gold necklace or something.” He expressed a desire to retain its original form, sticker intact, but acknowledged the increasing value made it increasingly challenging to keep hold of the bar.

A Focus On Security Rather Than Wealth

Now, after all these years of safeguarding his investment, Galt has successfully redeemed the funds. This transition also made them far more accessible through the hardware wallet he opted for. Despite this, he has no defined plans to cash out soon. Detailing his cautious approach to wealth, he noted, “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.” It underscores the importance of security over spontaneous profit in his journey as a crypto collector.

The Rarity of Unredeemed Physical Bitcoin

Interestingly, the population of unredeemed Casascius coins and bars is dwindling. These physical items range in values, with some denominations as low as 0.5 BTC and others, like the 100-BTC bars, encased in gold. According to the Casascius tracking platform, Uberbills, there are still over 17,000 coins and bars that remain unclaimed. Among these, there are two incredibly rare 1,000-BTC bars valued at an astonishing $100 million each alongside a 500-BTC bar worth $50 million. Galt’s decision to redeem his coins might reflect a growing urgency to secure these assets before their numbers dwindle further.

In summary, Galt’s transition from physical to digital Bitcoin marks a noteworthy chapter in cryptocurrency history. His story illustrates both the challenges and beautiful nostalgia tied to these physical forms of Bitcoin. As unredeemed Casascius collectibles wane, Galt’s experience underscores the balance between safety and the allure of wealth.