The iconic ‘Buy Bitcoin’ sign, famously held up during Janet Yellen’s Congressional testimony in July 2017, has been sold at auction for a staggering 16 BTC, equivalent to just over $1 million.
The auction, which took place at PubKey, a Bitcoin-themed bar in New York City, was facilitated by Scarce.City, an auction platform that declared the sale a record-breaking event for their platform.
TLDR
- The iconic ‘Buy Bitcoin’ sign held up during Janet Yellen’s 2017 Congressional testimony was auctioned for 16 BTC (over $1 million).
- The auction, held at PubKey, a Bitcoin-themed bar in New York City, set a record for the auction platform Scarce.City.
- The sign’s new owner, known as Squirrekkywrath, is described as a “bitcoin OG that no one has ever heard of.”
- Proceeds from the auction will fund Christian Langalis’ startup, Tirrel Corp, which is developing a Bitcoin Lightning network wallet on Urbit.
- The auction highlights Bitcoin’s cultural impact and significant appreciation in value since 2017.
The sign, originally created by Christian Langalis, who was then a 22-year-old intern at the Cato Institute, has become a symbol of Bitcoin’s early days and its meteoric rise in both cultural significance and financial value.
Langalis, who was escorted out of the hearing for violating committee rules after holding up the sign, plans to use the proceeds from the auction to fund his startup, Tirrel Corp, which is developing a Bitcoin Lightning network wallet on Urbit.
The sign’s new owner, known only by the handle Squirrekkywrath, has been described by Alex Thorn, head of research at Galaxy, as a “bitcoin OG that no one has ever heard of.”
This mysterious buyer’s willingness to pay such a high price for a piece of Bitcoin memorabilia underscores the enduring fascination and belief in the cryptocurrency’s potential.
JUST IN: The buy #Bitcoin sign shown behind Janet Yellen at a congressional testimony in 2017 sells for $1 Million at auction.pic.twitter.com/Zs3UlCdOjv
— wallstreetbets (@wallstreetbets) April 25, 2024
The auction comes amidst a renewed public debate between Bitcoin advocates and skeptics, exemplified by the recent challenge issued by Mark Yusko, CEO of Morgan Creek Capital, to Peter Schiff, a well-known Bitcoin critic.
Yusko proposed a $1 million charity bet to compare the performance of Bitcoin and gold over the next five years, highlighting the ongoing competition between supporters of digital and traditional assets.
Since the famous ‘Buy Bitcoin’ sign was first displayed in 2017, when the cryptocurrency was trading at around $2,300, Bitcoin has experienced significant growth and volatility.
Despite the fluctuations, Bitcoin’s value has appreciated substantially, reaching a record high of nearly $74,000 in March of this year.
The sale of the ‘Buy Bitcoin’ sign for over $1 million serves as a testament to the cryptocurrency’s journey from a niche interest to a major financial asset with a profound impact on popular culture.
As Bitcoin continues to evolve and mature, this iconic piece of memorabilia will forever be remembered as a symbol of the belief and passion that has driven the cryptocurrency’s rise to prominence.
