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Bitcoin Foundational Developer Shares Why He Gave Away 15,678 BTC

Historical Data Says It Could Take Bitcoin 6 Months to Retest $11,500

Bitcoin has become a noteworthy commodity in this era unlike in the past. Many early believers who accumulated tons of BTC had since sold their commodity in exchange for fiat currency as soon as they garnered a bit of gains not closer to the worth of 1 BTC nowadays.

Howbeit, the difference seems to be the case for a man known to be a Bitcoin foundational developer, who did not sell his tons of BTC for gains, but rather gave the sum of 15,678 BTC ($133,006,821.48 at press time) away in 2010 for the digital currency to keep getting relevant and noteworthy these days.

Jeff Garzik Shares Why He Gave Away 15,678 BTC

Jeff Garzik, is one of the early believers in the use cases of Bitcoin and the possibility of the digital currency becoming a safe haven at no distant future. Could we say the future is now? Yes and no! “Yes” because the ratio of its price at inception to the present price is significantly wide and has proven doubters wrong. “No” because it seems Bitcoin still has a very long way to go, considering its growth from onset and hurdles challenging its growth.

Garzik, according to his profile on Twitter, is the Co-founder at BloqInc, SpaceChain, and a foundational developer of Bitcoin. His name continues to trend in the crypto world due to the brave concern he displayed towards the future of the largest digital currency by market capitalization Bitcoin.

In a recent thread initiated on Twitter by Brett Scott, the Author of The Heretic’s Guide to Global Finance, Garzik, set the record straight by sharing how he gave away a whooping sum of BTC, just for the sake of the adoption of the nascent currency and commodity.

Scott started by displaying his reserved skepticism about Bitcoin and what he does with the digital token he holds. He pointed out that he has never acquired BTC with his money but “…only earned it”, adding that he really has a lot BTC but not of the habit of keeping it as investment. This implies that he sells as he earns.

‘I Gave Away 15578 BTC’ to Increase Adoption

On this note, Garzik gave him a very calm reply – he said that is the main reason why he gave out 15678 BTC about 9 years ago, when Bitcoin was still undervalued.

Garzik said, “That’s the origin of my 15678 BTC giveaway in 2010: Bought it on the market at market price, with personal funds, paid to developers to build Bitcoin features for the purpose of increasing BTC circulation and use.”

Efforts like that of Jeff Garzik Really Paying Off

According to history, Bitcoin came to existence in 2009. It was the idea of an anonymous programmer by the name Satoshi Nakamoto, and it was initially meant to serve as safe haven for people as recession hit the US economy back then.

2009 was 10 years ago, and BTC was then valueless. But the story has since changed. At the time of filing this report, the digital currency is trading at $8,554.37, with 0.31% price upsurge in the last 24 hours.

The efforts dispensed by the first believers in Bitcoin and its early influencers like Jeff Garzik are really paying off today. There are indications that the digital currency will not succumb to dissuasion on its course to the top.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Solomon Odunayo

Solomon Odunayo had dispensed his writing ability on growing Eagles News Media, covering News for relatively 2 years as a founder and editor.

He now works with NewsLogical.com as a full time cryptocurrency Journalist and Chief Editor due to the experience he garnered over time in the crypto sphere.

Email: solomon.odunayo@newslogical.com, editor@newslogical.com.

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