Bitcoin Early Adopter Gave Away 15,678 BTC to Developers in 2011

Bitcoin Early Adopter Gave Away 15,678 BTC to Developers in 2011

In a recent interview, Bitcoin pioneer Jeff Garzik claims he gave away the terribly exact number of 15,678 bitcoin core (BTC) in developer bounties back in 2011 when the coin’s value was to earn parity with the US dollar. Priced at today’s levels, that’s more than $100 million in freely distributed crypto.

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Bitcoin Early Adopter Gave 15,678 BTC to Developers in 2011

In an interview with Bloomberg, Bitcoin pioneer Jeff Garzik, 44, mentioned he gave away thousands of bitcoin in the form of developer bounties. At current prices, that’s about $100 million. Considering that Garzik’s generosity seven years ago probably cost initially about $15,000, one wonders if he wishes to have that bitcoin back.

Bitcoin Early Adopter Gave Away 15,678 BTC to Developers in 2011

The interview describes Garzik as declining “to disclose his current holdings, but said he gave away 15,678 Bitcoins about seven years ago in developer bounties to spur work on the software. […]He has no regrets about the giveaway, and said what matters is that Bitcoin is still around.”

In Bitcoin lore, Garzik is frequently cited as the network’s number three man, having contributed substantially to its early code (Gavin Andresen is long thought to be number two behind Satoshi Nakamoto). He was an active contributor through 2016, leaving in disgust over infighting.

Pioneer

He told Bloomberg, “As a father I enjoy watching my kids grow up, even as they make mistakes or grow in ways that I wouldn’t expect.” Garzik and Nakamoto corresponded frequently until the tech’s creator vanished.

Bitcoin Early Adopter Gave Away 15,678 BTC to Developers in 2011

As for what BTC has become, he’s philosophical, explaining, “It is an organism, it’s something that evolves. It hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept Bitcoins. But on the store-of-value side it’s unquestionably a success,” insisting also there is no question that it will survive in some capacity.

Presently, Garzik sits on the boards of BitPay, Linux Foundation, BitFury, and Bloq, Inc.

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