Key Points
- A notepad with “Buy Bitcoin” written on it sold at auction for 16 Bitcoin, equivalent to over $1 million.
- The notepad was displayed during a 2017 Congressional hearing, and the sale proceeds will fund a Bitcoin software project.
A notepad with the phrase “Buy Bitcoin” written on it, which gained attention during a 2017 Congressional hearing in the United States, has been auctioned off for a whopping 16 Bitcoin (BTC). This translates to over $1 million.
The buyer, known as “Justin” or “Squirrekkywrath,” emerged as the highest bidder on the Bitcoin auction platform, Scarce City. The week-long auction came to a close on April 24, shortly after 11:00 pm UTC.
The Notepad’s History
The notepad was presented by Christian Langalis, who had managed to secure a seat behind then-United States Federal Reserve chair, Janet Yellen, at a televised House Financial Services Committee hearing in July 2017. Langalis wrote the message on the notepad and flashed it to the camera.
Langalis was asked to leave the hearing as displaying signs is prohibited. After the notepad made its appearance, Bitcoin’s value rose by 3.7%, reaching over $2,418.
Auction Aftermath
After the auction platform deducts its 15% fee, Langalis is expected to receive around $875,000, or 13.6 BTC. Langalis expressed his satisfaction at offering the item back to the Bitcoin community.
The auctioned notepad also includes an unseen draft of the now-famous message, along with notes on the hearing’s monetary policy and Bitcoin. This draft was part of the sale.
In 2019, Langalis created and sold 21 replicas of the sign, each selling for an average price of 0.8 BTC, which would be around $51,300 today. These replicas are reportedly displayed in the offices of venture firms Paradigm, Blockchain Capital, and Castle Island Ventures, as well as the crypto think-tank Coin Center.
Langalis plans to use the money from this recent sale to fund a Bitcoin software project. This event underscores the cultural significance and financial value attached to Bitcoin in recent times.