Here’s a story for the crypto and Bitcoin (BTC-USD) history books. The ‘Buy Bitcoin’ sign, once a funny photo-bomb during current U.S. Treasury Secretary and former U.S. Federal Reserve Chair Janet Yellen’s 2017 Congressional testimony, has transformed from a viral sensation into a valuable collector’s item. It fetched a whopping 16 BTC at auction—over $1 million.
The original owner and creator, Christian Langalis, was previously interviewed by CoinDesk about his photo-bombing incident in July 2017. Langalis was escorted out of the House Financial Services hearing after showing the sign. He had no idea what the response to his prank would be. However, by the time he checked his phone, the image had already gone viral.
When asked about how much he thought the sign might go for, he didn’t know. Though, he did mention a private offer once for $350,000.
Funding Innovation Through Memes
The auction itself was held at a Bitcoin-themed bar, PubKey, in New York City. The mysterious new owner, known only by the handle Squirrekkywrath, remains unknown. The proceeds from this sale are earmarked for an ambitious purpose: funding Tirrel Corp, a startup devoted to developing a new Bitcoin Lightning network wallet.
From a technical analysis perspective, Bitcoin continues to struggle with a clear direction. Ever since hitting new all-time highs in March, Bitcoin has mostly traded sideways, with signs that this congestion may continue even longer.
From a weekly perspective, Bitcoin is on track to complete its fourth consecutive weekly close – the longest bearish stretch on a weekly timeframe since March 2022. And if Bitcoin’s price action behaves the way it has since past halvings, then the crypto community may have to wait six to twelve months before there is any major appreciation in Bitcoin’s price.
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