The 'Buy Bitcoin' sign from a 2017 Congressional hearing fetched 16 BTC at auction, reflecting its iconic status and supporting further Bitcoin development.
The iconic 'Buy Bitcoin' sign, which gained widespread attention during a 2017 Congressional hearing, has been sold at an auction for 16 bitcoin, equivalent to over $1 million. The sign was held up by Christian Langalis, who was then a 22-year-old intern at the Cato Institute, behind Janet Yellen, the then-Federal Reserve Chair, as she testified before the House Financial Services Committee.
Many are saying this sign sold for $1m. Very sad to see. Disrespectful to BSG.
— TFTC (@TFTC21) April 25, 2024
It sold for 1.6 billion sats. True wealth. pic.twitter.com/GFVVNisiRZ
Scarce.City, an auction house specializing in Bitcoin-related items, facilitated the sale of the sign, which was described as an "Ink Drawing on Legal Pad." The pad included Langalis's notes from the hearing, with the famous 'Buy Bitcoin' message hastily written on it. After the hearing, the page was removed and then reattached using clear archival wire to preserve its condition. This transaction set a record for the auction platform.
The auction took place at PubKey, a Bitcoin-themed bar in New York City. The new owner of the sign has been identified only by the pseudonym Squirrekkywrath, as mentioned in a tweet from PubKey. Little is known about the buyer, but Alex Thorn, head of research at Galaxy, referred to them as a "bitcoin OG that no one has ever heard of."
Christian Langalis, who achieved viral fame after being escorted out of the building for holding up the sign in violation of committee rules, has stated that the proceeds from the auction will fund his startup, Tirrel Corp. The company is reportedly developing a Bitcoin Lightning network wallet on Urbit, aiming to contribute to the Bitcoin layer-2 ecosystem.
Bitcoin's value has surged more than 2,000% since the day Langalis made his unexpected appearance behind Yellen, highlighting the it's explosive growth over the past years.
The sale of the 'Buy Bitcoin' sign not only represents a unique piece of Bitcoin history but also serves as a funding mechanism for further innovation in the space. As the Lightning Network and other layer-2 solutions seek to enhance Bitcoin's scalability and utility, the proceeds from this auction are set to contribute to the ongoing development and adoption of Bitcoin technology.c
