About 1.8 million Bitcoins have been inactive for more than a decade.
A significant amount of the total Bitcoin supply (BTC) has not moved for more than 10 years, according to data from the cryptanalysis data provider, Glassnode.
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During this interim period of a decade, 1.8 million Crypto Bull (of the 18.5 million currently in circulation) have remained in dormant bitcoin addresses. Their accumulated value amounts to more than USD 23 billion at the time of publication of this article, according to Coin360 data.
Bitcoin inactive for 10 years. Source: Glassnode
A large portion of these coins may belong to the mysterious creator of Bitcoin, Satoshi Nakamoto, who disappeared from the community in 2011. Nakamoto may be the owner of more than a million of these still intact assets, which are supposed to be lost forever.
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Despite the large number of stagnant coins, some bitcoins that had previously remained inactive began to move for the first time in May 2020. A wallet containing coins from February 2009 suddenly sent 50 BTCs in two different directions without warning and without any explanation. The blockchain community later suggested three main scenarios: these coins may have belonged to the family of the late cryptographer Hal Finney, to the initial developer Martti Malmi, or possibly to Satoshi Nakamoto. These speculations were largely denied by the parties in question, except by Nakamoto, who remains elusive.
This price action came shortly after the payment company announced that it would soon include cryptoactives in its platform. PayPal plans to allow its users to buy and sell Bitcoin (BTC), Etheruem (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) on its network in 2021.
By opening the day’s trade at USD 206.20, PayPal quickly surpassed its historical high, but just barely, surpassing the level by approximately USD 0.14. Subsequently, the asset fell back before breaking the previous high with conviction, exceeding USD 215.
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Bitcoin also reaped benefits following the announcement of PayPal, briefly reaching USD 12,900, an increase of USD 1,000 in 24 hours. The price fell back to USD 12,750 by the time this article was published.
However, not everyone seems to be impressed. Cryptcoin analyst PlanB described the news as anticlimactic on a tweet, and noted that customers will not be able to withdraw their digital assets from PayPal, according to the FAQ page on the company’s website. „Currently, you can only have the crypto-currencies you buy on PayPal in your account,“ you can read on the page. „In addition, the crypto currencies in your account cannot be transferred to other accounts within or outside of PayPal“.