John Galt recently moved 100 Bitcoin (BTC), worth over $10 million, from a Casascius bar to a hardware wallet after holding the asset for approximately 13 years. Galt bought the physical Bitcoin in 2012, when Bitcoin was valued at less than $100. He made the call to relocate the assets, due to it becoming increasingly difficult to identify qualified buyers. The difficulties in offloading as high a value of hot commodity are mounting.

The novelty factor was Galt’s original attraction to Casascius bars. Jointly, he was committed to the possible historical importance of creating tangible types of digital currency.

The 100 BTC, which they purchased for thousands of times less than its current value has grown exponentially over the last ten years. This significant growth represents the broader evolution of Bitcoin from a fringe digital asset to a common investment vehicle.

Ultimately, our decision to move the funds to a hardware wallet was based on practical considerations. As for Galt, he said it’s gotten harder to find reliable buyers of such a large physical stack of Bitcoin. Hardware wallets provide a more secure option for managing and storing digital assets.

Casascius bars, designed by Mike Caldwell in 2011, are a perfect example of the intersection between physical and digital currency. Each bar holds 1/1000th of a Bitcoin with a private key secured behind the tamper-proof hologram. Once peeled, the Bitcoin can be redeemed. Production of these bars stopped in 2013 due to scrutiny from regulators, increasing their rarity and collectibility.

This transaction serves as a poignant reminder to the unique complexities and considerations of managing early Bitcoin investments. It’s not just a testament to the growth of the asset but rather the evolution of the asset since its inception.