Developer Regrets Selling 55,000 BTC in 2012 as Asset Reaches Record High
Like most investment assets, Bitcoin carries risk. There are many who got in its early days and cashed out, and who are now licking their wounds because of the decision. With Bitcoin riding a historic high, Marrti Malmi, an early Bitcoin developer, shared the story of how he jumped the gun and sold a stash of the asset.
Not the Best Decision
Malmi took to Twitter to share an unfortunate story. As he explained, he was an early Bitcoin developer, and he had amassed a significant number of the asset. Sadly, he went ahead and sold 55,000 BTC before 2012.
I’d be a *billionaire* now if I hadn’t sold the 55,000 bitcoins I mined on my laptop in 2009-2010 way too early (mostly before 2012). That is regretful, but then again, with the early bitcoiners we set in motion something greater than personal gain.
— Martti Malmi (@marttimalmi) December 18, 2020
With the money, Malmi purchased a studio apartment and quit his software development job to live in Japan for a while. He did all of this before the age of 22. While impressive, it’s worth considering how much he would have been worth if he held on to the asset – $.2 billion, according to today’s rates.
Malmi added that he didn’t have so many regrets, considering that the asset he helped develop is now changing the world. Still, there has to be a hint of regret for that decision regarding how things turned out. Even though the developer has some of his savings in Bitcoin till now, he’s got to be thinking about his losses.
The Sad Tale of Investing
Malmi’s tale is that of many. Several people owned Bitcoin in its early days, only to ditch it before getting any real traction. Some also lost their Bitcoins through scams. Canadian crypto exchange QuadrigaCX shut down abruptly this year after its chief executive died as the only person with access to its cold wallets.
To this day, the exchange’s users should be able to see their assets, but can’t touch them.
Stories like these are a stark reminder that while Bitcoin has done a lot for many and made them rich, others haven’t been quite as lucky. Some investors got into the asset at the height of the last bull run and immediately cashed out when the crypto winter came. If only they had stuck with Bitcoin for a few months, they’d be riding high once more.
Still, it shouldn’t discourage anyone from investing in the leading cryptocurrency. While Bitcoin is at an all-time high, several industry insiders have forecasted that it could go even higher. Everyone is getting on the Bitcoin train, from retail investors to some of the world’s largest corporations.
While this isn’t to say that a drop in the asset’s price isn’t possible, it just goes to show that the future remains bright for it.