According to Cointelegraph, a crypto enthusiast known as "John Galt" recently transferred 100 Bitcoin (BTC) from a physical Casascius bar to a hardware wallet, marking a significant move after holding the coins for approximately 13 years. Casascius bars and coins serve as tangible representations of Bitcoin, with private keys attached to the objects themselves. Galt acquired the bar in 2012 when Bitcoin's price was below $100, driven by the belief that these physical coins might become historical artifacts if Bitcoin gained prominence.
On May 13, Bitcoin's value reached approximately $104,000, elevating the worth of Galt's bar to over $10 million. Despite contemplating selling the bar before 2025, Galt faced challenges in finding legitimate buyers for such a high-value item. He expressed reluctance to redeem the bar, likening it to destroying a piece of history, akin to melting down an ancient gold necklace. Galt preferred to sell the bar intact, complete with its sticker, but as its value increased, finding a buyer became increasingly difficult.
Although the Bitcoin is now more accessible through the hardware wallet, Galt has no immediate plans to cash out. He emphasized that possessing 100 BTC is life-changing, yet his decision was more about ensuring safety than sudden wealth. Prior to using the private keys, Galt stored the bar in a vault outside his home, highlighting the importance of security.
Casascius bars and coins remain limited in circulation, ranging from 0.5 BTC and 1 BTC coins in brass or silver to 100-BTC gold-plated bars. These physical Bitcoins contain a private key that can be accessed by unsealing a tamper-evident hologram. According to the Casascius tracker Uberbills, over 17,000 coins and bars are active and yet to be redeemed, including two 1,000-BTC bars valued at over $100 million, one 500-BTC bar worth $50 million, and 35 100-BTC bars.
