Making Billions Out Of Millions; BTC Gusty Play May Have Made Buyer a Billionaire
Social media sites and forums dedicated to the crypto space have been inundated with comments about a mysterious, and hefty buy of Bitcoin when it was testing levels it had not seen in months.
While no one seems to know exactly who made the buy, crypto enthusiasts largely agree that the buy was made to take advantage of the fresh lows Bitcoin experienced over the first two months of 2018.
The $400 million Bitcoin investment
To MarketWatch, the founding partner of Tetras Capital Alex Sunnarborg said:
“Not sure who that big buyer was but many have bought this dip and have added since the rebound and additional regulatory clarity in the U.S. and Asia.”
Using the Bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64, the purchaser, or purchasers, reportedly snapped up about 41,000 bitcoins between Feb. 9 and Feb. 12, which was Friday through Monday. During that period, Bitcoin’s price was trading between about $8,600 and $9,000.
It should be noted that earlier during that week – Monday to be exact – Bitcoin’s price dipped to $5,968.36, which was the lowest it’s been since November when it fell to $5,828.34, according to CryptoCompare.
Crypto enthusiasts react
As with so many other viral events, people took to social media to respond to the mega Bitcoin buy.
Bitcoin enthusiast Andy Hoffman tweeted:
“Bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased $344 million worth at an average of $8,400 from 2/09/18 through 02/12/18 - then, doubled down adding nearly 41,000 coins for a new total of 96,000 coins worth around $900,000,000 at today’s price ($9,400).” — Andy Hoffman (#HODLBTC) (@Andy_Hoffman_CG)
Someone with the Twitter handle, Beautyon tweeted:
“This is more than a bet. This is a play for survival. And at $10,000 Bitcoin is still cheap. When your fiat will not buy you anything, no matter how much you have, you will understand what that means.” — Beautyon (@Beautyon_)
Amanda Lee tweeted about the buy making whoever it was that made it a billionaire.
“Gutsy trader who bought $400 million in#bitcoinat its low is nearing billionaire status” — Amanda Lee (@Lee_AHY)
Jeff Koyen, president of 360 Blockchain USA, said to MarketWatch that the buy helped Telegram:
“In the meantime, the $400 million whale is fuel for the Telegram channels where traders lay out their conspiracy theories. However, I am willing to believe that, seeing bitcoin bottom around $6,000, Wall Street smelled blood and jumped back in.”
Telegram recently raised $850 million in a private sale as part of its overall plans to raise $2 billion. The rest of the raise will happen in March when Telegram has planned a public sale.
If the messaging service hits that $2 billion target, it will become the first to ever raise that much money through an ICO.
At the time of writing Sunday (New York time), Bitcoin’s price was around $10,700. Over the weekend, the price got as high as $11,288.34.
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