Bitcoin is back in the news, the topic of internet chatters and watercoolor talk. It’s also Wall Street’s darling for the first time beating all other financial assets under the sun. The media lightning bolt, rising price, and widespread FOMO have made those who lost Bitcoin in the past feel the sting even more lately, leading them to try again to get their BTC back.
Recently, horror stories have been spreading that $ 240 million worth of BTC was locked away with only two password attempts remaining. However, a Twitter user who has also lost their crypto has a story to share with a much happier ending.
Burned hard drive with recovered Bitcoin, man becomes a millionaire
News of the Bitcoin price hitting a new unthinkable high every week has dominated the air waves for months. The incredible spike in cryptocurrency in 2020 had everyone talking by the end of the year, and in 2021 FOMO was in full swing.
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Things may be cooling off temporarily now, but renewed interest and subsequent media attention has brought Bitcoin back to the fore not only among investors but also among those who have lost BTC badly over the years.
Bitcoin reaching more than $40,000 prompted old holders with lost BTC to try, try again | Source: BTCUSD on TradingView.com
The New York Times published a story about an early crypto pioneer and former CTO of Ripple who only had two password attempts to recover over 7,000 BTC. This sad chap isn’t the only person who has lost their cryptocurrencies over the years, usually from misplacing a private key or startup phrase, or from losing access to a hard drive or USB wallet.
However, not all stories are so sad. A Twitter user recently stated that he was “on the verge of” recovering all of his lost BTC from a hard drive that “caught fire in 2011”. In a follow-up you showed that your attempt was successful and you are now a “millionaire”.
This lucky gentleman on Twitter was able to recover his lost cryptocurrency. He's now a "millionaire." | Source: Twitter
Blockchain data company Chainalysis suspects that almost 20% of total circulating supply has been lost based on stagnant wallets from the early days of cryptocurrency. Bitcoin was practically worthless then and few could have imagined what it would ultimately become today.
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When each coin was worth a dime, it was treated as such and not cared for as well as it could be. The price that early Bitcoin pioneers pay for lack of maintenance is unmatched.
Featured image from Deposit Photos, Charts from TradingView.com