Unique Piece of Bitcoin History Sold for Over $1 Million
A notable piece of Bitcoin history, featuring the phrase “Buy Bitcoin” in the background of a broadcast with then-United States Federal Reserve Chair Janet Yellen in 2017, has been sold for 16 BTC, which is approximately $1.027 million. The sale took place at PubKey, a Bitcoin-themed bar in New York City, organized by the auction house Scarce.City.
Record-Breaking Auction
- The highest bidder, known as “Squirrekkywrath” purchased the iconic sign in a week-long auction.
- The auction was arranged by Christian Langalis, also known as the “Bitcoin Sign Guy,” who posted it on Scarce.City and was present at the event.
- Following the deduction of a 15% fee by Scarce.City, Langalis is anticipated to receive around $875,000, equal to 13.6 BTC.
Langalis’ original notes and sketches of the sign from the historic day were included in the auctioned notepad. At the time of the incident, Langalis was a 22-year-old intern at the Cato Institute. The proceeds from the auction will go towards supporting Langalis’ new project, Tirrel Corp, which is focused on developing a Bitcoin Lightning network wallet on Urbit.
Replicas of the “Buy Bitcoin” Sign
- In 2019, Langalis created and sold 21 replicas of the famous “Buy Bitcoin” sign, with each replica fetching an average price of 0.8 BTC.
- The replicas are currently on display in the offices of various venture firms including Paradigm, Blockchain Capital, Castle Island Ventures, and the crypto think-tank Coin Center.
When Langalis held up the sign during a 2017 House Financial Services hearing, he was escorted out for violating committee rules. Despite this, the image of the sign gained widespread attention online. Following the event, the price of bitcoin surged by 3.7% at the time of the broadcast.
Since then, the value of bitcoin has significantly increased, rising from around $2,700 in July 2017 to a peak of over $73,000 recently. This surge can be attributed in part to key regulatory decisions in the United States, such as allowing the launch of spot Bitcoin exchange-traded funds earlier this year.
Hot Take: An Iconic Piece of Bitcoin History
As a crypto enthusiast, witnessing the sale of the renowned “Buy Bitcoin” sign for over $1 million is a significant moment in Bitcoin history. The auction not only highlights the value of iconic artifacts in the crypto space but also showcases the growing mainstream acceptance and adoption of Bitcoin. This sale serves as a reminder of the impact that small actions can have on the cryptocurrency market and the broader financial landscape. It underscores the importance of innovation and creativity in promoting and advancing the use of digital currencies like Bitcoin.
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