Martti Malmi, one of the first Bitcoin developers and also known as Sirius, has explained what has happened to his once-great cryptocurrency since 2009.
According to a Twitter thread from Friday from the former Bitcoin (BTC) developer, Malmi mined about 55,000 coins between 2009 and 2010, when the price was close to zero. Malmi said he liquidated 5,050 BTC for $ 5 in October 2009 and lost 30,000 BTC through one of the first Bitcoin exchanges he conducted when “there was no fixed exchange rate.”
“I planned to HODL the rest of my BTC, but had to sell most of it at a bad price (~ $ 5) in 2012 when getting a new job took longer than expected,” said Malmi. “Since then I have kept my varying savings in BTC. That’s not much, but still nice gains over the years. “
I would be * billionaire * right now if I hadn’t sold the 55,000 bitcoins I mined on my laptop in 2009-2010 too early (usually before 2012). That’s unfortunate, but again, with the early bitcoiners, we set in motion something greater than personal gain.
– Martti Malmi (@marttimalmi) December 18, 2020
However, the Bitcoin developer’s probably most substantial investment from his early crypto earnings was when he sold 10,000 BTC in 2011 to buy an apartment in Helsinki. “Probably the most expensive studio in the world,” he said said on Twitter.
With Bitcoin’s recent jump 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 has “never had any serious regrets.”
“This wasn’t as rough as it might sound at first,” said Malmi. “It’s not like I ever had $ 1 billion and lost it overnight. Besides the success of Bitcoin, I was quite happy that I got my own apartment when I was 22. “
“Perhaps because of the Finnish culture, the idealistic mindset and the lack of life experience, I never thought much about making money. It happened by accident as a byproduct of Satoshi asking me to keep my node active so others could connect. “
Malmi isn’t the only major cryptocurrency to have liquidated their holdings seemingly out of necessity. In October, Ripple CTO David Schwartz unveiled that he had 40,000 Ether (ETH) for $ 1 each as part of a risk management plan he set up with his spouse in 2012. The tokens are now said to be worth more than $ 26 million the price passed $ 600 last week.