Imagine losing $4 billion in just over a month.
Well that’s the reality for one of the richest bitcoin holders in the world.
It happened during one of the worst cryptocurrency crashes in the last five years when Bitcoin dropped to a 16-month low on Thursday to about $28,000.
The crash saw more than $200 billion wiped from the market in a day, according to Forbes.
The mystery Bitcoin investor owns 288,000 Bitcoins (BTC), which means their fortune was worth about $19.8 billion in November last year.
That’s when Bitcoin reached an all-time high of $68,000, but it’s worth just $8 billion now.
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Despite what most people think, Bitcoin is not anonymous, it is pseudonymous.
This means that the identity of the person(s) behind a Bitcoin address cannot be determined just by looking at it.
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But it is technically possible to do it when investors withdraw their funds using a regulated crypto exchange, such as Coinbase or Binance.
A few prominent investors are required to declare their holdings as part of tax duties.
That’s how we know that Michael Saylor currently holds 124,000+ BTC through his company, Microstrategy, and Elon Musk holds 43,200 BTC through Tesla, worth about $1.2 billion at the time of writing.
Having said that, the umpteenth crypto crash is unlikely to deter long-term investors and self-proclaimed Bitcoin ‘maximalists’ who famously never sell.
Sixty percent of Bitcoins held in wallets hasn’t moved in over a year.
And that means that ‘hodlers’ (crypto jargon for holders who don’t sell) haven’t sold their crypto when it peaked.