Bitcoin Holder Unlocks 2,000,000% Gain With Casascius Bar Redemption

Generated by AI AgentCoin World
Tuesday, Jul 1, 2025 8:50 pm ET1min read
BTC
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A long-time

Bitcoin
holder has successfully unlocked a fortune by redeeming a rare Casascius bar, which was originally purchased for $500 in 2012. The collector, known as John
Galt
on the Bitcoin Talk forum, redeemed the bar when the price of Bitcoin surpassed $100,000, resulting in a return of nearly 2,000,000% on his initial investment. The Casascius bar contained 100 BTC, which at the time of redemption was worth over $10 million.

Galt's decision to redeem the bar was not an easy one. He struggled with the pressure of holding an object worth millions and had previously attempted to sell it without success. He expressed that the physical Bitcoin felt more valuable than just its monetary worth, and he was reluctant to settle for less than its digital value. Galt mentioned that he had tried to sell the bar a few times but found it challenging due to its high value and the difficulty in trusting potential buyers. He also considered auctions but was concerned about receiving less than the Bitcoin's actual worth.

The Casascius physical

bitcoins
, first minted in 2011 by Mike Caldwell, are among the most iconic collectibles in crypto history. These bars and coins, embedded with real BTC, came in denominations ranging from 0.1 to 1,000 BTC. Over time, they became highly sought-after artifacts for collectors and early adopters. Each Casascius Bitcoin is a collectible coin backed by real Bitcoins embedded inside, with its own Bitcoin address and a redeemable “private key” on the inside, underneath the hologram.

Production of Casascius physical bitcoins halted in 2013 after the US Financial Crimes Enforcement Network (FinCEN) classified Caldwell’s operation as a money transmission service. Despite this, the value of these coins has continued to rise in both monetary and historical terms. Physical coins often sell on secondary markets for as much as $20,000. To date, more than 10,000 Casascius coins have been redeemed, with over 18,000 still active or unclaimed.