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In a significant development, a legal pad with the handwritten words “Buy Bitcoin” is currently garnering significant attention in the form of bidding, reaching nearly $140,000 in an ongoing online auction, as reported by Bloomberg.
Janet Yellen’s ‘Buy Bitcoin’ Sign Sparks Auction Frenzy
The message, a rallying cry for cryptocurrency enthusiasts, gained notoriety after being displayed behind former Federal Reserve (Fed) Chair Janet Yellen during her congressional testimony about seven years ago. Bidding on the ink drawing is expected to close late Wednesday.
According to the report, the sign’s improvised creation can be attributed to Christian Langalis, a 22-year-old Bitcoin owner and intern at the libertarian think tank Cato Institute at the time.
Seeing an opportunity, Langalis positioned himself behind Yellen during her appearance before the House Financial Services Committee in July 2017, quickly jotting down the now-famous phrase.
However, his bold publicity caught the cameras’ attention, and he was quickly removed from the hearing. Unexpectedly, Langalis received about seven Bitcoin in unsolicited donations as a result.
The moment when the “Buy Bitcoin” sign flashed behind Janet Yellen in 2017. Source: Scarce City
During that period, BTC was experiencing its initial surge in public consciousness. It traded at around $2,300, a significant increase from its value of less than $1,000 just six months earlier. The market’s leading cryptocurrency skyrocketed over 13,000% in 2017, followed by a 74% crash the following year.
Today, with established financial institutions such as BlackRock and Fidelity embracing cryptocurrencies through the spot Bitcoin ETF market, Langalis is looking to capitalize on the momentum that pushed BTC to an all-time high of $73,700 on March 14.
Impressive Bids In Auction
According to Bloomberg, in 2019, Langalis sold 21 replica editions of the iconic sign, with an average realized price of 0.8 BTC each. These numbered and time-stamped replicas, “meticulously” crafted by hand, were well-received by crypto supporters.
Recently, Langalis was offered five Bitcoin, valued at approximately $330,000, for the original sign but decided to opt for the auction route, hoping to achieve an even higher price that would benefit his Bitcoin software work and his family.
The auction listing describes the item as an “Ink Drawing on Legal Pad” weighing half a pound. The legal pad also contains Langalis’s notes from the momentous hearing.
The page featuring the sign drawing was initially detached from the notepad but has since been reattached using clear archival wire, preserving this “historical artifact.”
The auction winner will be announced at Pubkey, a BTC-themed eatery in New York City, where Langalis currently works as a co-working space.
Currently trading at $66,400, BTC is inching closer to the $70,000 barrier that has acted as a notable wall of resistance for the largest cryptocurrency on the market over the past month.
Featured image from Shutterstock, chart from TradingView.com
