The yellow legal pad with the words “Buy Bitcoin” written on it, famously displayed behind former Federal Reserve Chair Janet Yellen during a 2017 congressional hearing, was sold at an auction for over $1 million, equivalent to 16 Bitcoin. The auction took place on the Scarce City Bitcoin platform and concluded on April 24, with the winning bidder identified as “Justin” or “Squirrekkywrath.” The seller, Christian Langalis, was escorted out of the hearing after briefly flashing the sign to the camera, resulting in a 3.7% increase in Bitcoin’s price. Langalis is expected to receive $875,000 from the sale after a 15% fee deduction.
Langalis expressed his satisfaction in releasing the pad back to the Bitcoin community, mentioning that the page with the handwritten sign was removed shortly after the hearing but reattached using archival wire. The yellow legal pad also includes a rough draft of the iconic scrawl and notes about the hearing’s monetary policy and Bitcoin. In 2019, Langalis created and sold 21 replicas of the sign, fetching an average price of 0.8 BTC each. These replicas are currently displayed in the offices of various venture firms and crypto think tanks. Langalis plans to use the proceeds from the recent sale to support a Bitcoin software project.
Bitcoin experienced a sell-off on Wednesday, dropping to as low as $63,589, down 4% from the intra-day high. The sell-off came amid ongoing resistance faced by Bitcoin in consolidating above the $66,000 mark. The negative funding rate, turning negative for the first time this year, added to the downward pressure on BTC. This negative funding rate suggests a shift in market sentiment towards a bearish trend, with short positions outweighing long positions. Market analysts are finding it difficult to predict short-term volatility, with the market’s response to various factors in the upcoming months remaining uncertain.
Ruslan Lienkha, chief of markets at YouHodler, stated that given the current information available, further consolidation is not expected in the near future, and there may be a decrease in volatility for some time before Bitcoin exits the current channel of $72,000 to $60,000. Breaking this channel in any direction could lead to a significant increase in volatility, but the timing of this shift is uncertain. It could occur in a week or within five months. Despite recent fluctuations, the Bitcoin market remains unpredictable and subject to various external factors that could impact its performance in the coming months.
