Bitcoin Enthusiast Cashes Out 100 BTC Gold Bar for $10 Million

John Galt, a long-time Bitcoin enthusiast, has concluded a remarkable chapter in crypto history by cashing out one of the rarest Bitcoin investments. In 2012, Galt purchased a Casascius Bitcoin gold bar containing 100 BTC for $500. The bar, created by Mike Caldwell in 2011, included a tamper-evident hologram and a hidden private key, making it a highly sought-after collectible. Over the years, the value of Bitcoin surged from a few dollars to over $100,000, turning Galt's investment into a multi-million-dollar payday.

Galt's decision to redeem the bar was driven by its emotional value, as he believed the physical Bitcoin was worth more than the money. He initially hesitated to sell it due to its high value and the difficulty in finding a trustworthy buyer. Despite his reluctance, he eventually decided to redeem the bar, splitting the $10 million worth of BTC into 10 different wallet addresses to mitigate the risk of holding such a large amount in a single private key or physical bar.

However, Galt's redemption process was not without complications. In an attempt to guide others on how to access such funds, he inadvertently exposed a mini-private key image in his post. This oversight allowed a crypto user, Nexusrush, to gain access to 100 BCH tokens worth $50,000, which were unclaimed forked coins in the wallet connected to the mini-key. Although Nexusrush returned the stolen BCH to the original wallet, the wallet remains compromised, leaving it vulnerable to future attacks.

The incident highlights the importance of security in the crypto world, where even small mistakes can lead to significant losses. Despite the setback, Galt's story serves as a testament to the potential of long-term Bitcoin investments and the transformative power of the cryptocurrency market. His experience underscores the need for vigilance and caution when handling large sums of digital assets, as the risks associated with crypto investments can be as high as the rewards.

Galt, a fixture on the Bitcoin Talk forums, revealed he parted ways with the iconic physical coin in May, after Bitcoin crossed the $100,000 mark. The physical ingot — a relic from the early days of crypto — was one of the limited Casascius bars minted by Mike Caldwell in 2011, each embedded with real Bitcoin and sealed for authenticity. Holding the bar for over a decade, Galt admitted that the rising value brought both pride and anxiety. “At $10,000, I was already feeling the weight of sitting on something so valuable,” he wrote in a forum post. Despite multiple attempts over the years to auction the collectible, he said offers often fell short of the bar’s full BTC value.

Ultimately, the psychological pressure of holding onto what had become a $10 million treasure proved too much. “Today, I finally let go,” he posted, confirming that the Bitcoin embedded in the physical bar had been redeemed. The Casascius coins and bars — discontinued in 2013 after regulatory pressure from U.S. authorities — have since become legendary collector’s items, symbolizing the early grassroots spirit of cryptocurrency. Galt’s decision to sell marks one of the most valuable individual redemptions of such a piece to date, ending a 13-year journey that began with a $500 gamble and ended with a life-changing windfall.