Community celebrates Bitcoin Genesis Day by sending BTC to the genesis block

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The wallet address now contains around 68.56 BTC, which is worth around $1.1 million at the time of writing.

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Community celebrates Bitcoin Genesis Day by sending BTC to the genesis block

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As Bitcoin (BTC) has its 14th birthday, Bitcoiners from around the world are celebrating in various ways, with some opting to send BTC to the address containing the rewards for mining its genesis block.

On Jan. 3, 2009, pseudonymous Bitcoin creator Satoshi Nakamoto mined the genesis block, which led to the minting of the first 50 BTC. This instance paved the way for an entire industry to be developed, with millions of people working toward a similar vision for the future of money. 14 years later, many are showing their respect by posting various greetings to the cryptocurrency that started it all.

— El Bitcoin ambassador (@elbitcoinamb) January 3, 2023

Some are tipping their hats to the Bitcoin creator by sending small amounts of BTC to their wallet address. Since its creation, many people have randomly sent Bitcoin to the account, pushing its total balance to 68.56 BTC, worth $1.1 million at the time of writing.

Bitcoiners have shared various messages, including a video showing the newspaper containing the headline stamped on the genesis block.

Blow out your candle #Bitcoin Genesis block!

— TIP_NZ (@tip_nz) January 3, 2023

On Dec. 28 — a week before Bitcoin Genesis Day — business intelligence firm MicroStrategy added more Bitcoin to its holdings. The move divided the crypto community, with some pointing out concerns over one entity holding such a large amount of BTC. 

Related: Bitcoin volatility may return in ‘catch up’ with gold in 2023

In other news, tax attorney and CPA Selva Ozelli recently highlighted MicroStrategy’s intent to reduce capital gains in the tax year by selling BTC at a loss. Ozelli told Cointelegraph that, at the moment, there is no crypto-specific wash sale rule that prohibits selling at a loss and reacquiring within 30 days.

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