A bitcoin collectibles collection worth a little over $700,000 has surfaced on Reddit. Known as Casascius, these rare “physically-minted” coins were all the rage back in cryptocurrency’s heyday.
Now, thanks to over-regulation, Casascius is proving to be even more valuable than the digital money it backs.
Casascius designer Mike Caldwell is also pictured in the photo above along with coins from Nicholas Mross who directed the feature-length documentary “The Rise and Rise of Bitcoin”.
Of course, in reality, there’s no such thing as physical bitcoins but where there’s demand there’s a market. So much so that Caldwell even planned to limit his original series to a maximum of 11,000 coins.
This hard-supply cap and government overreach mean these coins now fetch a premium of anywhere between $800 to $1,200 per coin with some early 2011 versions reportedly even commanding upwards of $100,000.
On the back, there is a tamper-resistant holographic seal holding the private keys. Here’s a video of an early bitcoiner redeeming his Casascius coin to the now-defunct mt-gox exchange.
This is still an obvious safety risk for physical theft, however, it must be said that that is part of what adds to the premium value to these coins in the first place.
This entire collection holds roughly 87 bitcoin although the exact figure is hard to determine. Seven of the coins don’t have a printed figure so they were averaged out to one whole coin.
Bitcoin is currently hovering around the $8,100 mark:
Fundstrat analyst Thomas Lee predicts that Bitcoin will gain over 100% in 2020. If that turns out to be true this particular collector will have a $1,5 million-dollar investment (BTC + premiums) on his hands, literally. Let’s hope he has a safe place to stash it.
This article was edited by Samburaj Das.
Last modified: January 22, 2020 11:39 PM