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. 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 during a televised House Financial Services Committee hearing in July 2017. The impact of the display was noticeable, as Bitcoin’s price reportedly increased by 3.7%, reaching over $2,418, according to CNBC. Langalis is expected to receive approximately $875,000 or 13.6 BTC from the sale after Scarce City’s 15% fee deduction.
In the auction listing, Langalis expressed his satisfaction in releasing the pad and returning it to the Bitcoin community. He mentioned that the page containing the handwritten sign had been removed from the notepad shortly after the hearing but was subsequently reattached using archival wire. The yellow legal pad also includes an unseen rough draft of the iconic scrawl, along with notes about the hearing’s monetary policy and Bitcoin. Langalis had created and sold 21 replicas of the sign in 2019, which 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 experienced a significant drop below $64,000 on Wednesday, reaching as low as $63,589, down 4% from the intra-day high. The sell-off came amidst persistent resistance faced by Bitcoin in consolidating above the $66,000 mark. Adding to the downward pressure on BTC is the funding rate turning negative for the first time this year, just before the recent halving event. The negative funding rate indicates market sentiment shifting towards a bearish mood, with short positions outweighing long positions. Ruslan Lienkha, chief of markets at YouHodler, stated that it is difficult to predict short-term volatility due to uncertain market factors that may emerge in the next one to three months. He does not expect further consolidation in the near future and a decrease in volatility for a while before BTC leaves the current channel of $72k – $60k, which will result in a significant increase in volatility.
The auction for the yellow legal pad featuring the words “Buy Bitcoin” behind Janet Yellen during a congressional hearing in 2017 concluded with a winning bid of over $1 million, equivalent to 16 Bitcoin. The seller, Christian Langalis, is expected to receive approximately $875,000 or 13.6 BTC after the auction platform Scarce City’s fees. Langalis expressed his satisfaction in releasing the pad back to the Bitcoin community, noting that the handwritten sign was removed from the notepad shortly after the hearing but reattached using archival wire. In addition to the iconic scrawl, the legal pad also contains notes about the hearing’s monetary policy and Bitcoin. Langalis plans to use the proceeds to support a Bitcoin software project.
Bitcoin’s price dropped below $64,000 on Wednesday, reaching as low as $63,589, following persistent resistance in consolidating above the $66,000 mark. The sell-off was influenced by the negative funding rate turning for the first time this year, indicating a shift in market sentiment towards a bearish mood as short positions outweigh long positions. Market analysts, such as Ruslan Lienkha, chief of markets at YouHodler, mentioned that it is challenging to predict short-term volatility due to uncertain market factors in the next one to three months. Lienkha does not foresee further consolidation in the near future and expects a decrease in volatility before BTC exits the current channel of $72k – $60k, potentially leading to significant volatility.
