After more than a decade of fighting for the right to dig up his Bitcoin, a Welsh man named James Howells has said it’s “game over”. Back in 2013, he threw out 8,000 bitcoin on a hard drive. The Bitcoin seems destined to sit forever in a Newport rubbish site.
Since 2013, of course, the Bitcoin price has risen dramatically. In January it soared past $100,000, peaking at over $107,000. At the time of writing, it’s not far off $100,000. Today, Howells’s bitcoin would be worth over $750,000,000.
Strictly speaking, Howells didn’t throw it out – his ex-partner did. Howell described it as “a mistake” which was “without [his] permission or consent.” He has all but given up hope of retrieving the bitcoin after a judge at Cardiff High Court threw out his legal case.
The end?
Howells said, “It feels like the end of the world for me. I am now stuck with it and cannot escape it. I am stuck with it for life.
“Everyone can see it is still there and it is not going anywhere. Bitcoin is only going to go up. It is around $100K today. When it reaches $615K and the coins are worth billions maybe then someone will come asking me if I want to do the dig.”
Howells’s lawyers said they could retrieve the Bitcoin at no cost to the public, but the council refused to grant him permission, arguing it would have a “negative environmental impact.”
Newport City Council said it had been contacted multiple times about the possible rescue mission, and that it had told Howells multiple times that it was not possible under their environmental permit. They said, “Mr. Howells’s claim has no merit, and the council is vigorously resisting it.”
The council’s legal team viewed Howells’s offer of 10% of proceeds given to the local area as a “bribe”. Howell himself said, “I would much rather say let’s have a conversation and let’s dig and work together amicably — but they don’t want to know. It is crazy money that could do so much good for the area.”
What was his Bitcoin worth in 2013?
Without a doubt, 2013 was one of Bitcoin’s most dramatic years. Howells’s 8,000 bitcoins would have been worth $15 EACH at the start of the year, but by April $144, and October $204.
By the end of the year, his Bitcoin holdings would have been worth $5,928,000.
Today, 8,000 Bitcoin is worth over $783,200,000.
Is Bitcoin’s price likely to keep rising?
It has dropped slightly since the historic high in January, around the time of Donald Trump’s inauguration. Most observers have seen Trump’s presidency as positive news for cryptocurrencies. Brian Armstrong, CEO at Coinbase CEO, recently said Trump “really wants to be the first Bitcoin president”.
CoinDesk’s Omkar Godbole wrote that Trump has been “actively following through” on various promises he has made, with one exception: “the establishment of a strategic BTC reserve.” This theoretical event was a key driver behind BTC’s climb to over $100,000.
Trump’s staff aren’t making pledges. David Sacks, Trump’s crypto czar, recently told CNBC that the task force was evaluating “the feasibility of a bitcoin reserve”. He said they “haven’t committed yet to doing it”.
CNBC’s MacKenzie Sigalos wrote, “Priorities include clarifying which crypto assets fall under securities laws, crafting a path for token issuers to gain regulatory approval, and ensuring compliance measures don’t stifle innovation. The group will also examine crypto lending, staking, exchange-traded products, and cross-border regulations.”
The task force also intends to support a stablecoin bill. Stablecoins are tied to a real-world asset (such as the dollar).
Bitcoin’s regular halving events mean that it becomes “more scarce relative to supply growth”, as explained by The Motley Fool’s Alex Carchidi.
Carchidi was writing about whether it would be better to buy Solana or Bitcoin in 2025. He views Bitcoin as more of a long-term investment; Solana could be a better choice for investors who “want to hold their coins for three to five years rather than 10 years or more.” As noted at the end of the article, Carchidi has positions in Bitcoin, Ethereum, and Solana.
CoinMarketCap’s Ayesha Aziz recently wrote that the trade tensions between the US and China could impact Bitcoin’s price. It could fall in the short term but prove valuable long-term: “While the tariff increases could trigger short-term volatility, the situation also presents an opportunity for Bitcoin to serve as a hedge against economic instability.”
A long-term asset?
Kelly Kellam, director at Bitlab Academy, recently argued that Bitcoin was an asset with minimal risk. As per The Street, he said, “The problem is we’re all greedy, and we want to look at and get so captured in the 15-minute, the one-hour, even the four-hour time chart (…) that’s a different approach — trader versus investor.”
Bitcoin has seen fairly steady growth since the start of 2024. On January 1 2024, it closed at $43.9k. By April 1, it was closing at $69.4k. It had dropped slightly by July 1, closing at $55.8k. In October, it was above $60k again, and at the end of the year, it was approaching $100,000.
If Bitcoin maintains its upward trajectory, it could continue to attract long-term investors seeking digital assets. However, market fluctuations and regulatory decisions will play a significant role in shaping its future. As the cryptocurrency landscape evolves, Bitcoin’s position in the financial market remains a topic of ongoing discussion.
Conclusion
Howells’s story serves as a cautionary tale of lost fortunes and unwavering determination. While his battle to reclaim his Bitcoin appears to be over for now, the broader conversation about cryptocurrency’s value, regulation, and long-term potential continues. As Bitcoin’s price remains volatile but resilient, one question lingers—will there ever be a day when someone digs up that long-buried treasure?