New Delhi. If you invest in Cryptocurrency, then this news can be useful for you. Drawing the attention of bitcoin “hoddlers”, a dormant cryptocurrency wallet containing 616,2004 bitcoins worth approximately $28.35 million (Rs 216 crore) has seen a sudden spike. Nearly 9 years later, the wallet’s owner on Sunday transferred bitcoin to another wallet. This movement in the bitcoin wallet was first reported by blockchain explorer Blockchain.com.
What’s so special about Wallet?
This sudden return given by the bitcoin wallet has taken the investors by surprise. The wallet received 616.2004 BTC when the cryptocurrency was trading at $13.30 on December 10, 2012. Honor’s total investment was $8,195 (approximately Rs.6 lakh). Today the value of this wallet has increased by about 359284 percent.
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The message given by this whole thing is that bitcoin enthusiasts are trying to create a hype among the public – “HODL and Forget!” Here “HOLD” is incorrectly spelled as “HODL”. This means that you buy bitcoin or another cryptocurrency and forget it, also known as a buy-and-hold strategy.
Know what is investment strategy?
Social media has since been flooded with messages asking people to buy bitcoin at falling prices and forget about the volatility in the cryptocurrency.
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According to data from Coindesk, the price of BTC has increased by 44.81% since January. In comparison, gold has fallen -6.44%, while the S&P500 index has returned 17.66%. On Wednesday, bitcoin fell below $40,000 in volatile trading for the first time since August. This is the third consecutive day of decline in virtual currency.
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