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- #Gate 2025 Semi-Year Community Gala# voting is in progress! 🔥
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The collector successfully redeemed a 2012 Casascius Bitcoin gold bar for $10 million in Bitcoin.
According to Gate News bot, as reported by Cryptoslate, a collector using the nickname "John Galt" on the Bitcoin Talk forum successfully redeemed over $10 million in Bitcoin from a Casascius Bitcoin bar. This bar was purchased by the collector in 2012 for $500.
Casascius physical Bitcoins were first minted by Mike Caldwell in 2011 and are iconic collectibles in the history of cryptocurrency. These bars and coins are embedded with real BTC, with denominations ranging from 0.1 BTC to 1,000 BTC. Each Casascius Bitcoin contains a unique Bitcoin address and a redeemable private key.
In 2013, the Financial Crimes Enforcement Network ( FinCEN ) classified Caldwell's business as a money services business, leading to the cessation of the coin's production.