Casascius Bitcoin Peels: $10M Cashed in 2023, Yet a $1 Billion Stash Remains Unclaimed

While bitcoin (BTC) is already a constricted asset, Mike Caldwell’s Casascius carnal bitcoins instrumentality rarity to a full caller level. Between 2011 and 2013, helium endowed implicit 27,000 coins and bars with astir 100,000 BTC. As we measurement into September 2023, a constricted proviso of 19,082 Casascius carnal bitcoins stay successful circulation, with astir 41,280 BTC yet to beryllium claimed.

Just Over 19,000 Casascius Physical Bitcoins Remain Unpeeled

In the archetypal 8 months of 2023, astir 162 carnal bitcoins designed by Mike Caldwell were cashed successful oregon peeled. These coins represented a full of 386 BTC, translating to adjacent $10 cardinal based connected the existent BTC speech rates.

Debuting successful 2011, Caldwell’s Casascius carnal bitcoins, disposable successful some coins and bars, ranged successful denominations of 0.1, 0.5, 1, 5, 10, 25, 100, and 1,000 BTC.

Yet, by 2013, Caldwell faced a hurdle. The Financial Crimes Enforcement Network (FinCEN), an limb of the Treasury Department, told him that producing these carnal bitcoins classified him arsenic a wealth transmitter, prompting him to halt his operations.

Despite the interruption, Caldwell had already minted an awesome 27,928 coins, with a cumulative load of 91,213 BTC. To date, astir 50,000 BTC, precisely 49,984 BTC, person been claimed from 8,856 of Caldwell’s meticulously crafted coins and bars.

Currently, a staggering 19,082 progressive Casascius carnal bitcoins are circulating, with a combined worthy of 41,280 BTC, which surpasses $1 cardinal successful today’s valuation. Intriguingly, portion May witnessed the highest fig of Casascius BTC coin oregon barroom redemptions with 39 units, it was July 2023 that topped the charts successful worth terms: a whopping 201.5 BTC was redeemed.

This signifies that July accounted for much than 52% of the year’s full Casascius carnal bitcoin redemptions, portion May contributed implicit 16% with its 65 BTC. August saw 7 bitcoins being claimed, and arsenic we tread into September, 27 BTC person been cashed in, according to information collected by casasciustracker.com.

To illustrate, connected September 3, 2023, an idiosyncratic redeemed a Casascius “S2-COIN-25”, which erstwhile contained 25 BTC. The erstwhile day, 2 abstracted coins, each loaded with 1 BTC each, were cashed. The highest worth successful July is attributable to galore redemptions of the Casascius S2-COIN-25s. For instance, connected July 12, 2023, six of these circumstantial coins were spent successful 1 day. To date, 58.40% of Casascius S2-COIN-25s person been redeemed, leaving 41.6% unclaimed. Moreover, of the six S1-COIN-1,000s, each carrying 1,000 BTC, 4 stay untouched.

The motives down individuals choosing to currency successful their Casascius carnal bitcoins aft specified a agelong span stay enigmatic. Perhaps they question a safer retention option, oregon maybe, aft years of holding, they’re acceptable to merchantability the cryptocurrency. Even aft the BTC is extracted, these coins clasp worth and proceed to beryllium traded bare connected platforms similar Ebay. Additionally, since Casascius coins were minted betwixt 2011 and 2013, they besides encompass the consequent BTC forks, including bitcoin currency (BCH).

What bash you deliberation astir the remaining 19,000+ carnal coins near with loaded bitcoin connected them? Why bash you deliberation radical decided to redeem these collectibles? Share your thoughts and opinions astir this taxable successful the comments conception below.