An early Bitcoin dev loses out at $ 1.3B after selling too soon

Martti Malmi, one of the earliest Bitcoin developers also known as Sirius, has explained what happened to his once massive crypto holdings since 2009.

According to Friday’s Twitter thread from former Bitcoin developer (BTC), Malmi excavation around 55,000 coins between 2009 and 2010 when the price was almost zero. Malmi said it had canceled 5,050 BTC for $ 5 in October 2009, and lost 30,000 BTC through one of the first Bitcoin exchanges it ran when “there was no established exchange rate.”

“I was planning to HODL the rest of my BTC, but I had to sell the most of it at a bad rate (~ $ 5) in 2012 when finding a new job took longer than expected,” He said Malmi. “Since then I’ve kept my various savings at BTC. That’s not much, but still earning nice returns over the years. ”

However, arguably the most significant investment by a Bitcoin developer from its early crypto earnings was when it sold 10,000 BTC in 2011 to buy an apartment in Helsinki. “It’s probably the most expensive studio in the world now,” he said He said on Twitter.

With Bitcoin’s recent rally to $ 24,000, Malmi’s original 55,000 BTC holdings would now be worth more than $ 1.3 billion. Despite this, the former developer says he “never had serious regret.”

“This hasn’t been as rough as it might first sound,” He said Malmi. “It’s not like I ever got $ 1B and lost it overnight. Other than Bitcoin’s success, I was pretty happy about having my own apartment at 22 years old. “

He added:

“Perhaps because of Finnish culture, an idealistic mindset and a lack of life experience, I never thought much about making money. It happened by accident as a by-product of Satoshi asking me to keep my goal running so that others could connect. ”

Malmi is not the only big crypto figure who necessarily liquidated their holdings. In October, Ripple CTO David Schwartz revealed he sold 40,000 Ether (ETH) at $ 1 each as part of a risk management plan he did with his spouse in 2012. The tickets would now be worth more than $ 26 million after to the price passed $ 600 last week.