A Bitcoin investor recently unlocked a fortune after redeeming a physical Casascius bar he bought in 2012 — but not without a costly mistake.
Known as “JohnGalt” on Bitcointalk, the early adopter revealed he had been holding a 100 BTC Casascius bar for over 13 years. He purchased it for just $500 when Bitcoin was trading at $5.
Pressure of Physically Holding $10 Million Bitcoin
The dangers of physically holding Bitcoin or crypto have become quite evident in recent months. With crypto kidnapping cases skyrocketing across the world, the risks have become apparent.
On May 13, 2025, an early investor known as ‘JohnGalt’ decided to cash in on his decade-old physical BTC collection.
He peeled the hologram, exposed the private key, and moved the full 100 BTC — now worth over $10 million — to new addresses.
Casascius Bitcoin Bar. Source: Bitcointalk.org
The transaction was confirmed on-chain and shared with the Bitcointalk community, marking one of the largest physical Bitcoin redemptions to date.
JohnGalt explained he avoided redeeming it for years due to the immense pressure of storing such a high-value asset.
“I didn’t want to redeem it, though. To me, a physical Bitcoin that hasn’t been redeemed feels like it’s worth more than just the money,” he wrote.
He attempted to sell the bar multiple times, including exploring auction options. But valuation disputes and trust concerns always stood in the way.
As Bitcoin’s value soared past $100,000, he decided the risk of holding a single object worth eight figures was no longer worth it.
The Complex Redemption Process
JohnGalt shared technical details of the process with the forum. He initially tried using Electrum on Android to sweep the funds but ran into compatibility issues with mini private keys.
Eventually, he turned to bitaddress.org to convert the mini key into a usable format. He created new wallets with Trezor Suite and manually sent the BTC to secure addresses.
He confirmed the funds had safely moved before publicly revealing the bar’s redemption.
A Costly Oversight: Bitcoin Cash Claimed by Stranger
In a crucial misstep, JohnGalt posted a photo of the Casascius key online without first claiming Bitcoin Cash (BCH) — a major fork of Bitcoin.
Because BCH uses the same private key system, someone watching the forum thread swept the BCH just nine minutes after the post. He estimated the lost BCH to be worth over $40,000.
The crypto community responded with a mix of admiration and sympathy. Many praised his nerves, calling him a legend for holding through 13 volatile years.
Others shared fears over physical coin storage risks — including fire damage, adhesive failure, and floods — that could destroy tamper-evident holograms or keys.
Several users noted the emotional and logistical weight of holding unredeemed coins, echoing the anxiety of storing physical assets worth millions.
Despite redeeming the BTC, JohnGalt confirmed he won’t sell the now-empty bar — which remains a valuable piece of early Bitcoin history.
