An Unknown Individual Bought 96,000 Bitcoins When Price Was Slump

The unknown individual brought bitcoin which was worth more than one billions, i.e., 96000 bitcoins during the recent crash.

An unknown individual bought 96,000 Bitcoins during the recent crash. This is according to a Tweet by Andy Hoffman, who is a crypto consultant.

Hoffman announced on Twitter that the purchase price was $8,000 per Bitcoin. It means he owns 1 percent of all existing Bitcoins including the permanently lost Bitcoins. The number of lost Bitcoins is now above 3 million.

“Bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased $344 million worth at an average of $8,400 from 2/09/18 through 02/12/18 – then, doubled down adding nearly 41,000 coins for a new total of 96,000 coins worth around $900,000,000 at today’s price ($9,400).”

He made his first purchase on 8th of September 2017 for 0.01 BTC. However, this was likely a test transaction since he later sent it to a Bitcoin address belonging to exchange or broker.

Additionally, he deposited 4,000 Bitcoins on the November 7th. He continued to send sporadic deposits of about 1,000 Bitcoins in December and January. The amount increased to 5,000 or 6,000 Bitcoins levels in February.

Purchases of that nature are not unusual given many people to buy when the price is low. That time is a panic for many holders who can’t hold anymore. Bitcoin started depreciating at the end of December and touched lows of $6,000 this month. It is improving since last week.

Meanwhile, Bitcoin attracted the attention of many people even during the 65 percent fall in price. Additionally, Nas, Snoop Dogg, and Jay-Z all back the Robinhood app that is about to add the option of buying cryptocurrency. 50 Cents is also into crypto investments as is Wu-Tang Clan.

Ellen Degeneres did a crypto skit on The Ellen Degeneres Show something rumored to have caused price rise. This came even as Charlie Munger, the chairman at Berkshire Hathaway described it as “Disgusting, detestable, noxious poison.”

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David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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