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What Are Casascius Bitcoins and Why Are They So Expensive?
As the world of cryptocurrency continues to evolve at a rapid pace, one aspect that has remained constant is the allure surrounding physical representations of digital assets. Bitcoin, in particular, has seen numerous iterations, from simple metals and plastics to more elaborate designs. However, there is one type of physical Bitcoin that stands out from the rest – Casascius Bitcoins.
Launched by Utah resident Mike Caldwell in 2011, these innovative coins were unlike anything else on the market at the time. Instead of being a mere metal or plastic token, they contained redeemable BTC, with the private key residing underneath a hologram layer imprinted on the coin. It wasn’t until this layer was removed, or “peeled,” that users could access the virtual contents within.
The coins were initially introduced in September 2011 as a proof-of-concept and a conversation starter to help spread awareness about Bitcoin. Caldwell later expanded his offerings to include ₿ 10, ₿ 25, ₿ 100, and even ₿ 1,000 denominations, including gold bar lookalikes.
However, it wasn’t long before the US government intervened in November 2013, deeming that selling coins containing BTC qualified Caldwell as a money transmitting business, necessitating registration at the federal level and potential state licenses. Wisely, Caldwell chose to cease production of these particular coins, effectively rendering all pre-November 2013 items highly rare.
A tracking website, Casascius Bitcoin Analyzer, reveals that only 34% of Caldwell’s original coins have been opened, leaving a staggering 65% unpeeled and ready for discovery. This scarcity has led to an unprecedented level of demand, driving the price of these coins up exponentially.
In fact, it is reported that two of Caldwell’s flagship ₿ 1,000 bars remain unopened, now valued at an astonishing $92 million each. These findings are reflected in the resale market, where pre-2013 editions frequently change hands for a hefty premium on platforms like eBay.
The legacy of these innovative coins will undoubtedly continue to captivate and intrigue the cryptocurrency community, ensuring that their value and allure endure for years to come.
Source: fullycrypto.com
