Money News: Australian Man Mistakenly Throws Away $4.8 Million In Bitcoin

This money news article comes from the land of “down under” and concerns a young man named Campbell Simpson who inadvertently threw away a fortune in Bitcoin. Read on for more on this digital treasure lost.

#1. Bitcoin Closeup

Money News: Australian Man Mistakenly Throws Away $4.8 Million In Bitcoin
Photo: Bloomberg

This money news story began in 2010

At the onset of 2010, Bitcoin (BTC) wasn’t really anything special and it was difficult to find a place that would even sell them. At the time, it was valued at 1.5 US cents. One Australian young man took a chance and on a whim, bought 1,400 pieces of this digital currency at a cost of $25. The Bitcoin sat in an offline file (cold storage wallet) on a generic 250GB portable hard drive that had been around for a while and had a couple of dings and an extremely annoying audible click. Some five years later, without realizing that he was about to make money news headlines, Simpson threw away the hard drive with the maddening click because he now had better ones.

He forgot about the Bitcoin until one day, he remembered and made money news headlines

#2. Bitcoin Currency

Money News: Australian Man Mistakenly Throws Away $4.8 Million In Bitcoin  Money News: Australian Man Mistakenly Throws Away $4.8 Million In Bitcoin
Julia Tsokur / Shutterstock.com

At first, he was just slightly upset as the price of BTC began to skyrocket across the Internet. At that time it had gone from barely more than a cent to about $2.50 per coin, which would have netted him some $4,000. A nice piece of change for sure that  would have helped with bills for a while, but certainly not a life changing amount; that is, until now. At this point in his life, a promotion at work and the belief that Bitcoin was just a fun fad that would soon fade away sustained him in his loss and he moved on for a while.

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