Someone bought a billion dollars worth of bitcoin

Someone somewhere had a billion dollars to spare and has scooped up a whopping 96,000 bitcoins over the course of last few months.

The bitcoin address “3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64” currently holds “92,347” coins and while there is no information on who bought these many coins, one thing is for certain that the entity amassed the coins at a time when the price was lower than it currently is.

Reports of the massive transactions were first reported by crypto consultant Andy Hoffman who announced through his Twitter account that a certain bitcoin address purchased millions worth of bitcoin between February 9 to February 12. Subsequently the same address has seen incoming bitcoin in tune of $900,000,000 doubling the total holding to 96,000 coins.

Things for the address first started in September when a small transaction of 0.01BTC occurred. Subsequently things started warming up larger deposits to the address started happening of around 4,000 bitcoins on the 7th of November.

Subsequently random deposits of around 1,000 bitcoins were seen throughout December and January, picking up considerably in February when a number of deposits in the sum of 5,000 or 6,000 bitcoins are made.

It remains unclear who owns this billion dollars bitcoin address, but some are speculating this is an exchange, which looks quite unlikely as the deposits and withdrawals are no where near as voluminous. It could be a broker. There are two withdrawals spread over two days during December to a 1LA address which was also opened around September 2017 with a current remaining balance of some 400 BTC.

That might suggest they both are owned by the same individual or entity, and more far fetchingly it could be the amount was sold Off the Counter (OTC).

What exactly is the case we do not know, but many clearly bought during the price dive to the lows of $5,000 as bitcoin has now more than doubled since, rising to a current price of near $11,000.

About Jack Tautman

Jack started off as a freelancer with us, but eventually took a liking to covering cryptocurrency news and is now a full time staff writer.

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