2,000 Bitcoin on the Move: Rare Casascius Coins Awaken After 13 Years

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Ah, what a tale of ancient treasures and long-forgotten fortunes! Two Casascius coins-each holding 1,000 Bitcoin, mind you-have just been roused from their slumber, and, my dear reader, the awakening was no less than spectacular. More than $179 million, carefully tucked away for an entire 13 years, has now been unleashed, as of Friday. Imagine the relief… or perhaps the sheer disbelief of those lucky enough to witness this event.

According to the chronicles of the blockchain, one of these coins was minted in October of 2012, a time when Bitcoin was as humble as a farmhand at a penny a loaf, valued at a mere $11.69. How quaint! But the other coin, minted in the early days of December 2011-oh, the nostalgia-came into existence when Bitcoin was worth the paltry sum of $3.88. A true testament to the irrational exuberance of early adopters! Today, that coin represents a mind-boggling return of approximately 2.3 million percent. And all this, of course, without considering the trivial cost of minting. Well, one cannot have it all, can they?

A Little History Behind Casascius Coins

Let us journey back to a time when Bitcoin was more a whisper of a dream than a global titan. These coins, born of metal and ambition, were the brainchild of Mike Caldwell, a Utah-based entrepreneur who, between 2011 and 2013, decided that Bitcoin deserved a more tangible form. He etched the virtual into the physical, minting them into coins and bars. What a curious and, dare I say, endearing idea! Today, these tangible bits of Bitcoin are some of the most coveted collectibles in the digital currency realm.

Each Casascius coin houses a delicate piece of paper bearing the digital value of the Bitcoin, securely sealed under a tamper-resistant hologram. As for the denominations, they ranged from humble 1 BTC to a grand 1,000 BTC. Quite the range, one might say, from modest to magnificent.

Alas, Caldwell’s ambitious venture came to an abrupt halt after a letter from FinCEN arrived, as bureaucratic letters often do, warning him that he might have been engaging in money transmission without a license. And just like that, the minting ceased. Such is the fate of many a visionary-caught between innovation and regulation.

How Do Casascius Coins Work?

Now, the curious among us might wonder: How exactly do these coins work? Let me illuminate. Only a scant 16 of the 1,000 BTC bars and a mere 6 of the 1,000 BTC coins were ever made, making them rarer than a raven in a snowstorm. Once the holographic sticker is lifted, revealing the private key, the first person to redeem it will receive the full Bitcoin value contained within the coin. But here’s the catch: Once redeemed, the coin’s Bitcoin value vanishes, leaving nothing but a nostalgic relic of a bygone era.

But fear not, dear reader, for the redemption of a Casascius coin does not herald an immediate flood of Bitcoin into the market. A certain individual, known only as “John Galt” (presumably not the John Galt of philosophical fame, but I digress), recently moved his 100 Bitcoin from a physical coin to a hardware wallet. He assured the world that he had no intention of rushing to cash out his newfound treasure. “Having 100 BTC is life-changing for anyone,” he mused, “but I’ve had it for so long that this was more about staying safe than suddenly getting rich.” A voice of reason in an ocean of irrational exuberance. Imagine that.

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2025-12-06 07:57