Janet Yellenโs Impactful โBuy Bitcoinโ Sign Attracts Auction Frenzy
An intriguing item has emerged in an online auction, captivating many bidders who are willing to pay nearly $140,000 for a legal pad inscribed with the handwritten words โBuy Bitcoin.โ This message, which stirred excitement among cryptocurrency enthusiasts, became widely recognized after it appeared behind former Federal Reserve Chair Janet Yellen during a congressional hearing about seven years ago. The bidding for this unique piece of history is set to conclude soon.
The Genesis of the โBuy Bitcoinโ Sign
The creation of this iconic sign can be traced back to Christian Langalis, a 22-year-old Bitcoin holder and intern at the Cato Institute. In a strategic move, Langalis positioned himself behind Yellen during her testimony in front of the House Financial Services Committee in July 2017. Seizing the moment, he hastily scribbled the now-famous phrase, attracting attention from both the media and the authorities. Unexpectedly, Langalis received approximately seven Bitcoin in unsolicited donations as a token of appreciation.
Bitcoinโs Rollercoaster Journey
At that time, Bitcoin was gaining widespread popularity, with its value soaring to around $2,300 from less than $1,000 just six months prior. The leading cryptocurrency underwent a meteoric rise of over 13,000% in 2017, followed by a sharp 74% decline the following year. Fast forward to today, with the likes of BlackRock and Fidelity embracing cryptocurrencies through the Bitcoin spot ETF market, Langalis is leveraging the momentum that propelled Bitcoin to its all-time high of $73,700 on March 14.
Impressive Bids Roll In for Auction
In 2019, Langalis sold 21 replica editions of the famed sign, each fetching an average of 0.8 BTC. These meticulously crafted replicas, complete with unique numbering and time stamps, garnered praise from the crypto community. Recently, Langalis turned down an offer of five Bitcoin, valued at about $330,000, for the original sign. Instead, he opted to auction it off, aiming to secure a higher price that would support his Bitcoin software initiatives and benefit his family.
- The auction listing highlights the item as an โInk Drawing on Legal Padโ weighing half a pound.
- The legal pad also contains Langalisโs notes from the pivotal congressional hearing.
- The page bearing the sign drawing has been carefully reattached to the notepad using archival wire, preserving its historical significance.
Closing Ceremony at Pubkey
The auction winner will be announced at Pubkey, a Bitcoin-themed establishment in New York City where Langalis currently operates a co-working space. Meanwhile, Bitcoin is trading at $66,400, edging closer to the $70,000 psychological barrier that has posed as a significant resistance level for the cryptocurrency market in recent weeks.
Hot Take: Will Crypto Memorabilia Continue to Gain Traction?
In a significant development, a legal pad with the handwritten words โBuy Bitcoinโ is currently garnering significant attention in the form of bidding, reaching nearly $140,000 in an ongoing online auction, as reported by Bloomberg.
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