Iconic "Buy Bitcoin" Sign Sells for Record-Breaking $1.027 Million

The iconic "Buy Bitcoin" sign from a 2017 broadcast featuring then-Federal Reserve Chair Janet Yellen has been sold for 16 BTC ($1.027 million) at the Bitcoin-themed bar PubKey in New York City. The highest bidder, "Squirrekkywrath," acquired the sign in a week-long auction organized by Scarce.City, setting a record amount for the platform.

Iconic "Buy Bitcoin" Sign Auctioned for a Record-Breaking $1.027 Million

A piece of notebook paper bearing the handwritten phrase "Buy Bitcoin," which gained global prominence during a 2017 broadcast featuring then-United States Federal Reserve Chair Janet Yellen, has been sold at auction for a staggering 16 Bitcoin (BTC), equivalent to approximately $1.027 million.

The auction, held at PubKey, a Bitcoin-themed bar in New York City, was organized by Scarce.City, an auction house specializing in rare and collectible digital assets.

The Sign's Meteoric Rise

The iconic "Buy Bitcoin" sign, scribbled on a yellow legal pad, symbolized Bitcoin's emergence as a force to be reckoned with in the global financial landscape. It became one of the few widely recognized physical representations of Bitcoin's primarily digital nature.

The notepad auctioned also included the original notes and sketches of the sign made by its creator, Christian Langalis, who was a 22-year-old intern at the Cato Institute at the time of the incident.

The Auction and Its Aftermath

The highest bidder, known only by the pseudonym "Squirrekkywrath," secured the sign after a week-long bidding war. The auction was facilitated by Langalis, who also attended the event.

Scarce.City confirmed that the transaction set a record for the platform. After deducting its 15% commission, Langalis is expected to receive approximately $875,000, equivalent to 13.6 BTC.

In a tweet, Scarce.City celebrated the historic sale, stating, "And that's a wrap on one of the most ICONIC pieces of Bitcoin history. 🏆🍾 Made a little history of our own … meet the official new https://t.co/rNz9DWL5WE record. 🏅"

Langalis' Future Endeavors

The proceeds from the auction will support Langalis' new venture, Tirrel Corp, a company focused on developing a Bitcoin Lightning network wallet on Urbit, a decentralized peer-to-peer network.

Replica Signs and a Legacy

In 2019, Langalis created and sold 21 replicas of the iconic sign, which fetched an average price of 0.8 BTC each. Today, these replicas would be valued at approximately $51,300 apiece.

According to Langalis, these replicas are prominently displayed in the offices of renowned venture firms such as Paradigm, Blockchain Capital, Castle Island Ventures, and the crypto think-tank Coin Center.

The Impact of the Sign

After Langalis held up the sign during a 2017 House Financial Services hearing, he was removed from the building for violating committee rules. However, the image of the sign disseminated rapidly across the internet, attracting widespread attention. Following the incident, Bitcoin's price surged by 3.7%.

Since then, Bitcoin has experienced a meteoric rise in value, soaring from around $2,700 in July 2017 to a peak of over $73,000 in November 2021. This appreciation has been fueled in part by significant regulatory developments in the United States, including the approval of spot Bitcoin exchange-traded funds earlier this year.

The sale of the iconic "Buy Bitcoin" sign not only marked a milestone in Bitcoin's history but also underscored its transformative power and the growing recognition it has gained in the world of finance and investment.