A longtime Bitcoin holder has finally cracked one of the Casashius bars with 100 BTC, one of the rarest physical Bitcoin collectors that exist.
A collector who went on the Bitcoin Talk Forum under the name John Gart originally bought the bar in 2012 for just $500. Thirteen years later, he redeemed it when the top code exceeded $100,000, and now unlocked his fortune of over $10 million.
In effect, he saw a return of nearly 2,000,000% in his modest investment in 2012.
According to Galt, he struggled quite a bit with the pressure to hold a single object worth millions, so the decision to redeemed was not easy.
He also highlighted his past struggle to sell physical coins and his past struggle to reluctantly settle for less than Bitcoin’s digital value.
He wrote:
“But I didn’t want to redeem it. For me, physical bitcoin that has not been redeemed feels it’s worth it as well as money. I’ve tried to sell it a few times, but it’s hard to sell something worth it. You really can’t trust it.
Cassias’ physical Bitcoin legacy
Casashius’ physical bitcoin, first created by Mike Caldwell in 2011, is one of the most iconic collectibles in the history of the crypto.
The bars and coins embedded in the actual BTC belonged to a denomination of 0.1-1,000 BTC. Over time they became coveted artifacts for collectors and early adopters.
According to the website:
“Each Cassio Bitcoin is a collectable coin backed by a real Bitcoin embedded inside. Each piece has its own Bitcoin address and a redeemable “private key” inside, located beneath the hologram. ”
However, production stopped in 2013 after the US Financial Crime Enforcement Network (FINCEN) classified Caldwell operations as a money transfer service.
Nevertheless, the value of the coin continues to rise in its monetary and historical value. In particular, physical coins are often sold for up to $20,000 in secondary markets like eBay.
To date, more than 10,000 Casascius coins have been redeemed and more than 18,000 active or unclaimed, according to Casasciustracker.com.