One of the first Bitcoin developers loses $1.3 billion for selling too soon

„Now I’d be a billionaire if I hadn’t sold too soon the 55,000 bitcoins I mined on my laptop in 2009-2010.

Martti Malmi, one of the first developers of Bitcoin and also known as Sirius, has explained what has happened to his once large holdings of cryptomoney since 2009.

According to a Friday Twitter feed from the former Bitcoin developer (BTC), Malmi mined approximately 55,000 coins between 2009 and 2010 when the price was almost zero. Malmi said she ended up liquidating 5,050 BTCs for $5 in October 2009, and losing 30,000 BTCs through one of the first Bitcoin exchanges she made when „there was no established exchange rate.

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„I was planning to HODL (hold) the rest of my Bitcoin, but I had to sell most of it at a bad rate (about $5) in 2012, when it took longer than expected to find a new job,“ Malmi said. „I’ve since maintained a variable amount of savings at BTC. It’s not much, but it’s still good earnings over the years.

I’d be a *millionaire* now if I hadn’t sold the 55,000 bitcoins I mined on my laptop too soon in 2009-2010 (especially before 2012). That’s unfortunate, but the first bitcoiners set off something bigger than personal gain.

However, possibly the most substantial investment of this Bitcoin developer’s first crypto earnings was when he sold 10,000 BTCs in 2011 to buy an apartment in Helsinki. „It’s probably the most expensive studio apartment in the world now,“ he said on Twitter.

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With Bitcoin’s recent price hike to $24,000, Malmi’s original 55,000 BTC coins would now be worth more than $1.3 billion. Despite this, the former developer says he’s „never really regretted it.

„This hasn’t been as hard as it might seem at first glance,“ Malmi said. „It’s not like I had a billion dollars and lost it overnight. In addition to Bitcoin’s success, I was very happy to have my own apartment at 22.

She added:

„Maybe because of the Finnish culture, the idealistic mentality and the lack of life experience, I never thought much about making money. It happened accidentally as a by-product of Satoshi asking me to keep my node running so that others could connect.

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Malmi is not the only important personality related to cryptomontages who liquidated their properties apparently out of necessity. In October, Ripple’s technical director David Schwartz revealed that he sold 40,000 Ether (ETH) at $1 each as part of a risk management plan he made with his wife in 2012. The tokens would now be worth more than $26 million after the price exceeded $600 last week.