Casascius Coins are Most Expensive Bitcoins Ever Made, Each Worth 1,000 BTC Per
Many people became rich when Bitcoin reached its highest price in December 2017. The smarter ones cashed out and enjoyed the profits while some other fortunes were, unfortunately, destroyed. However, no one became richer than the four owners of a physical 1000 BTC Bitcoin made of pure gold.
The Most Valuable Coins In The World
Recently, some people on social media have been commenting about Casascius coins. Have you ever heard of them? If you entered the Bitcoin market last year it is not a surprise that you have not. Casascius physical coins were sold years ago on a limited edition. They were sold for as low as 1 BTC at the time (when BTC was worth almost nothing) and became collector’s items.
These literal coins made of gold were redeemable for BTC. At the moment, there are only four of them remaining, each one in the value of, 1000 BTC. That’s right, 1000 BTC.
Even with the current bitcoin bear market, you could score at least $6 million USD selling them. People who were able to sell when the prices were high were able to get even more money for something they paid less than a thousand bucks for.
Only six of these 1000 BTC coins were ever created and two of them were redeemed. Probably, the owners of the four remaining tokens are expecting the price of Bitcoin to rise again before they sell their coins.
According to a tool created by Melik Manukyan, a network engineer, two of the owners of the coins redeemed their tokens in 2013 when Bitcoin reached its highest price so far. Last year, you could have redeemed a single coin for around $20 million USD, but no one did that. Even 1 BTC coins were sold for almost $30,000 USD last year.
According to Manukyan, these coins will become the most valuable items in the world one day. Around 20% of them have been redeemed or destroyed so far, so the remaining ones will become even more valuable, he affirms.
Security Standards Issues
However, these coins, whose production stopped completely in 2013 after Mike Caldwell, the creator, had to stop over money transmission rules, have terrible security standards, according to Manikyan.
He notes that these coins have a huge value, but they are simply not very protected. They are not about security, being more of a very rare collectible item instead. Their function is not really to be used as money but as a collector’s item.
Casascius has also manufactured sixteen 1000 BTC gold bars while production was still happening. Most of these bars have been already redeemed, though, so it does not look like they will last as much as the coins.