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Bitcoin Whale Transfers Taylor Swift's Net Worth for Less Than $1

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Fri, 04/24/2020 - 07:48
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Alex Dovbnya
Look what banks made them do: a Bitcoin whale transfers more than $360 mln worth of BTC for a $0.63 fee
Bitcoin Whale Transfers Taylor Swift's Net Worth for Less Than $1
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According to Blockchain.com, somebody has just moved 48,741 BTC ($367 mln, or Taylor Swift’s entire net worth at the time of writing).

The most surprising thing is that whoever transferred all this money only had to pay $0.63 in fees while avoiding unnecessary third-parties.  

Christopher Jaszczynski, the founder of MMCrypto, aptly noted that not a single bank would be able to do this, which is definitely something for crypto enthusiasts to celebrate. 

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First Bitcoin (BTC) Transaction Was Made 11 Years Ago by Satoshi. What Was Its Purpose?

Another mysterious whale 

Due to the pseudonymous nature of Bitcoin, it is next to impossible to identify who receives these funds. However, there is a good chance that this is just another cryptocurrency exchange shuffling its coins. For instance, the $1.1 bln transaction (124,946 BTC), which was recorded in mid-January, was attributed to Bitfinex’s cold storage. 

Still, the fascination of Bitcoiners is quite understandable since such humongous transfers are relatively rare. 

The largest transaction to date was recorded on Nov. 16, 2011, when a certain individual moved 500,000 BTC ($3.8 bln at current prices). It will unlikely be surpassed at any point in the future considering that it’s 2.4 percent of BTC’s maximum supply.

Related
Millennials Could Propel Bitcoin (BTC) Price to $350,000. Research Shows How

Transaction fees double

Blockchain data boutique Glassnode has estimated that more than 885,797 BTC ($6.6 bln) has been transferred on the Bitcoin network over the past 24 hours.

On Apr. 23, miners collected $9,568 worth of fees, which represents a 50 percent increase from just one day before.

Bitcoin fees
image by glassnode.com

This growth was caused by the latest Bitcoin price rally, which took the number one cryptocurrency to $7,800, its highest point since “Black Thursday” of May 12.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.