The physical Bitcoin collectibles were minted when Bitcoin was trading for just $3.88 and $11.69 each, marking a massive potential return.
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Two long-dormant Casascius coins — each backed by 1,000 Bitcoin — have just been activated as of Friday, unlocking more than $179 million stashed away for more than 13 years.
Onchain data indicates that one of the Casascius coins was in October 2012, when Bitcoin was trading for $11.69.
The other was earlier in December 2011, when Bitcoin was valued at only $3.88, giving that Casascius coin a theoretical return of about 2.3 million percent, not including the cost of minting.
A little history behind Casascius coins
Casacius coins are physical metal coins or bars created by Utah-based entrepreneur Mike Caldwell, which were minted between 2011 and 2013.
Caldwell would take Bitcoin and mint it into physical coins, and they are considered one of the most sought-after physical collectibles related to Bitcoin.
Each Casacius coin contains an embedded piece of paper with a and is covered in a tamper-resistant hologram. The coins and bars ranged from 1, 5, 10, 25, 100, 500 and 1,000 BTC denominations.
However, Caldwell suspended his business after receiving a letter from FinCEN, over concerns that he may have been operating a money transmitter business without a license.
How do Casacius coins work
Only 16 of the 1,000 BTC bars and 6 of the 1,000 BTC coins were ever made, according to some .
The first person to redeem the private key by lifting the holographic sticker will receive the full value of the coin; after this, the coin will .
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However, redeeming a Casascius coin for its equivalent in Bitcoin that a bunch of Bitcoin is about to flood the market.
In July, a 100 Bitcoin Casascius coin owner, “John Galt,” who had moved his stash from a physical coin to a hardware wallet, told Cointelegraph that he did so because his funds would be more . He had no immediate plans to cash out.
“Having 100 BTC is life-changing for anyone. But the thing is, I’ve had it for so long that this was more about staying safe than suddenly getting rich,” he said.
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