The Legacy Of Bitcoin’s Bear/Whale
On Thursday, one of Bitcoin’s most celebrated moments was remembered, and its enduring mystery was finally resolved. The notorious person referred to only as ‘the BearWhale,’ came forward to tell his unexpected story and make a plea to the community.
While refusing to identify himself in many ways, the person in question posted a Bitcoin address and signed message as cryptographic proof that he was in control of at least 36,000 bitcoins in 2013 and 2014. He was initially drawn to bitcoin “after a series of bad experiences with the banking system,” and so he invested “most of life savings” into bitcoin, at a price “around $8.”
The BearWhale held onto the huge cache of coins through years of scandals and other bad news and was worth at least $37 million dollars at the end of 2013, the height of the MtGox bubble. He then rode Bitcoin’s price all the way down to $350, losing over two-thirds of his wealth.