Man recover forgotten treasure chest of Bitcoins, stash now worth $886,000 from $27
Trumping this is an almost $10 million dollar bitcoin hard drive
Two news in a day here, but that’s because something pretty nifty happened.
In Norway, Kristoffer Koch had forgotten about his bitcoin stash which he had purchased for just $27. There were 5000 bitcoins and this lost stash was buried under digital sands until this year when public media brought bitcoin’s meteoric rise to his eyes. By the time he unearthed it, it was worth $886,000, and more than enough for him to buy a house in an upscale district there.
How is that for a treasure chest? Pirates of the digital caribbean and digital loot.
More from Guardian:
The meteoric rise in bitcoin has meant that within the space of four years, one Norwegian man’s $27 investment turned into a forgotten $886,000 windfall.
Kristoffer Koch invested 150 kroner ($26.60) in 5,000 bitcoins in 2009, after discovering them during the course of writing a thesis on encryption. He promptly forgot about them until widespread media coverage of the anonymous, decentralised, peer-to-peer digital currency in April 2013 jogged his memory.
“It said I had 5,000 bitcoins in there. Measuring that in today’s rates it’s about NOK5m ($886,000),” Koch told NRK.
Silk Road fluctuations
In April 2013, the value of bitcoin peaked at $266 before crashing to a low of $50 soon after. Since then, bitcoin has seen large fluctuations in its value, most recently following the seizure of online drugs marketplace Silk Road, plummeting before jumping $30 in one day to a high of $197 in October.
Koch exchanged one fifth of his 5,000 bitcoins, generating enough kroner to buy an apartment in Toyen, one of the Norwegian capital’s wealthier areas.
However, bitcoin is gaining more and more traction within the physical world too. It is now possible to actually spend bitcoins without exchanging them for traditional currency first in a few British pubs, including the Pembury Tavern in Hackney, London, for instance. On 29 October, the world’s first bitcoin ATM also went online in Vancouver, Canada, which scans a user’s palm before letting them buy or sell bitcoins for cash.
• In August, Germany recognised bitcoin as a “unit of account“, allowing the country to tax users or creators of the digital currency
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