According to Bloomberg, a historic sign that became a symbol for Bitcoin supporters is set to be auctioned. The sign, which was displayed behind then-Federal Reserve Chair Janet Yellen during a Congressional testimony in 2017, was created by Christian Langalis, a 22-year-old Bitcoin owner and intern at the Libertarian think tank Cato Institute. After the sign was caught on television, Langalis was escorted out of the hearing but received about seven Bitcoin in unsolicited donations.
At the time, Bitcoin was gaining public attention, trading at around $2,300, up from less than $1,000 six months earlier. The cryptocurrency surged more than 13,000% in 2017, only to crash 74% the following year. This boom-and-bust cycle has become a common pattern for the digital asset.
With Wall Street giants like BlackRock and Fidelity now supporting the token, Langalis is looking to capitalize on the current momentum that saw Bitcoin reach a record high of almost $74,000 in March. In 2019, Langalis sold 21 replica editions of the sign for an average realized price of 0.8 Bitcoin. These replicas, numbered and time-stamped, were created by Langalis himself.
Recently, Langalis was offered five Bitcoin for the original sign, currently worth around $330,000, but decided to auction it instead. The auction materials describe the item as an 'Ink Drawing on Legal Pad' weighing half a pound, which also contains Langalis's notes from the hearing. The page with the sign drawing was removed from the notepad shortly after the hearing and has since been reattached with clear archival wire.
The winner of the auction will be announced at a Bitcoin-themed eatery called the Pubkey in New York, where Langalis uses as a co-working space. The sign was previously displayed at the bar.