Just Over 19,000 Casascius Physical Bitcoins Remain Unpeeled
In the first eight months of 2023, approximately 162 physical bitcoins designed by Mike Caldwell were cashed in or peeled. These coins represented a total of 386 BTC, translating to near $10 million based on the current BTC exchange rates.
Key Points:
- Caldwell’s Casascius physical bitcoins were available in denominations ranging from 0.1 to 1,000 BTC.
- The Financial Crimes Enforcement Network (FinCEN) classified Caldwell as a money transmitter in 2013, causing him to stop producing physical bitcoins.
- A total of 49,984 BTC have been claimed from 8,856 of Caldwell’s coins and bars.
- 19,082 active Casascius physical bitcoins are currently circulating, with a combined worth of 41,280 BTC.
- July 2023 had the highest value of Casascius physical bitcoin redemptions, with 201.5 BTC redeemed.
It remains unclear why individuals are choosing to cash in their Casascius physical bitcoins after such a long period. Possible reasons include seeking a safer storage option or wanting to sell the cryptocurrency. Even after the BTC is extracted, these coins retain value and can be traded empty on platforms like Ebay. It’s important to note that Casascius coins also include subsequent BTC forks, such as bitcoin cash (BCH).
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