Transition from Physical to Digital Bitcoin
A long-time cryptocurrency enthusiast has shared insights with Cointelegraph after transferring his substantial investment from a physical Bitcoin form to a digital wallet for the first time in over a decade. Known only by the alias “John Galt” on BitcoinTalk, this user revealed on May 13 that he had successfully migrated 100 Bitcoins from a physical Casascius bar to a hardware wallet.
Understanding Casascius Bars
These Casascius items, which include various coins and bars, serve as tangible representations of Bitcoin, with the security features embedded in a tamper-proof sticker containing the private keys necessary for accessing the digital currency. Galt disclosed that he acquired his bar in 2012, a period when Bitcoin’s market value was below $100.
“Initially, I was drawn to the coolness factor of these coins and their potential significance in the future,”
he remarked about his decision to collect them, expressing a belief that such items would eventually become part of Bitcoin’s history.
Value Appreciation and Challenges of Selling
As of the transfer date, Bitcoin’s value had climbed to approximately $104,000, elevating the worth of his bar to a staggering $10 million. Galt noted that while he had contemplated selling it by 2025, finding trustworthy buyers for such an expensive item posed significant challenges.
“Taking this bar out of circulation felt like erasing a piece of history to me, akin to the idea of melting down an ancient piece of gold jewelry. Ideally, I would have preferred to sell it intact with all original elements preserved,”
he explained. He further commented on the difficulty of executing such a sale as Bitcoin’s value continued to rise.
Focus on Safety Over Wealth
Despite now having easier access to his funds through the new digital platform, Galt has no immediate intentions of cashing in his Bitcoins. Prior to the recent transition, he had stored the bar securely in a vault away from his residence.
“Holding 100 BTC can transform anyone’s life, but after so many years, my focus shifted more towards ensuring safety rather than simply aiming to become wealthy,”
he conveyed.
Remaining Casascius Assets
There is a small quantity of Casascius bars and coins left that are still unredeemed, ranging from smaller denominations of BTC in metal forms to massive gold-plated bars representing 100 BTC each. The embedded private keys in these physical Bitcoins can only be revealed upon breaking the sealed holographic sticker. Data from the Casascius tracking platform, Uberbills, indicates that over 17,000 such coins and bars remain in circulation, including notable assets such as two bars valued at 1,000 BTC each—totaling more than $100 million, one 500-BTC bar worth around $50 million, and 35 others each representing 100 BTC.
