Bitcoin owner’s RM448mil mistake
British man had thrown away old computer
Paris: A British convert to virtual currency Bitcoin, whose value has in recent days topped $11,000 (RM45,650), had mixed feelings as he contemplated a portfolio ostensibly worth US$108mil (RM448.2mil) – but beyond his grasp.
James Howells was an early convert to the technology long before Bitcoin, dubbed “digital gold”, became all the rage, its value soaring some 1,400% since the start of the year.
Exactly 12 months ago the unit, not accepted by any central banks but steadily gaining traction as a store of value or virtual commodity, was worth US$732 (RM3,037) – though its volatility is such that having soared past US$11,000 on Wednesday it slipped down to around US$10,800 (RM44,820) by mid-afternoon.
That relative downturn was set to complete a roller coaster of a day for Howells, whose portfolio was worth US$ 107,919,144 (RM447,864,447) around lunchtime – a neat overnight profit of US$12mil (RM49.8mil) or a handy US$4mil (RM16.6mil) since breakfast.
Sadly, there’s a big snag for Howells, whose portfolio is boosted by his also “owning” allocated units of breakaway coins Bitcoin Cash and Bitcoin Gold.
Four years ago, the 32-year-old threw out an old computer – on whose hard drive were the owner- ship codes of his 7,500 Bitcoin stash, worth around US$ 700,000 (RM2.9mil) at the time.
The value of the haul has since soared into the stratosphere – but his sole proof of ownership now lies buried below tons of household trash in a landfill in Newport, Wales.
“Yeah, the codes on my hard drive would be worth US$100mil (RM415mil) today. I know the public address where the funds are held so I can see them,” Howells said.
“It’s like having millions of dollars in your bank account, but not being able to spend it.
“But I’m not sitting here crying about it, accidents happen. They are still there, just inaccessible,” the IT worker reflected.
Despite his misfortune, Howells said he was “happy Bitcoin has taken off so well”.
He continues to invest in cryptocurrency.