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Bitcoin Legal Pad Auction
A yellow legal pad with the words “Buy Bitcoin” written on it, famously displayed behind former United States Federal Reserve Chair Janet Yellen during a congressional hearing in 2017, has been sold at an auction for over $1 million, equivalent to 16 Bitcoin.
Auction Details
The auction took place on the Bitcoin auction platform Scarce City and concluded on April 24, with the winning bidder identified as “Justin,” also known as “Squirrekkywrath.”
The seller of the pad was Christian Langalis, who had written the note and briefly flashed it to the camera while seated behind Yellen during a televised House Financial Services Committee hearing in July 2017. Langalis was promptly escorted out of the hearing due to the prohibition of displaying signs.
After Scarce City’s 15% fee deduction, Langalis is expected to receive approximately $875,000 or 13.6 BTC from the sale.
In the auction listing, Langalis expressed his satisfaction in releasing the pad and returning it to the Bitcoin community. The yellow legal pad includes an unseen rough draft of the iconic scrawl, along with notes about the hearing’s monetary policy and Bitcoin.
Bitcoin Sign Replicas
In 2019, Langalis created and sold 21 replicas of the sign, which fetched an average price of 0.8 BTC, equivalent to approximately $51,300 today. These replicas are currently displayed in the offices of venture firms Paradigm, Blockchain Capital, Castle Island Ventures, and the crypto think-tank Coin Center.
Langalis intends to utilize the proceeds from this recent sale to support a Bitcoin software project.
Bitcoin Market Update
On Wednesday, Bitcoin crashed to as low as $63,589, down 4% from the intra-day high.
Market Analysis
The sell-off came amidst persistent resistance faced by Bitcoin, despite its attempts to consolidate above the $66,000 mark. The negative funding rate indicates that the market’s sentiment has changed towards a bearish mood when the short positions outweigh the long positions.
Ruslan Lienkha, chief of markets at YouHodler, mentioned that it is difficult to predict short-term volatility due to uncertain market factors. He does not expect further consolidation in the near future and anticipates a decrease in volatility for a while before BTC leaves the current channel of $72k – $60k.
