A long-term observation of a 2014 physical gold Bitcoin experiment

[goldphysicalbitcoin]

I’m currently collecting historical material on a physical Gold Bitcoin experiment conducted by the Chinese Bitcoin community around 2014.

At the time, approximately 100 1 oz gold physical coins were produced, with 1 BTC embedded into each coin at creation. The experiment was non-commercial, had no public pricing, and no secondary market.

From an on-chain perspective, as of 2026, around 89% of the coins still retain their original 1 BTC, unspent. The 100 addresses originally loaded with 100 BTC now collectively hold approximately 405 BTC. During the same period, paper wallets and other non-gold physical Bitcoin formats did not show comparable long-term retention.

Participant behavior also showed a shift in cost perception. Initially, the cost was anchored around USD 2,500, derived from selling roughly 4 BTC at the time to fund production. As Bitcoin’s price increased, this anchor gradually shifted from fiat terms to “4 BTC”. Between 2017 and 2021, many participants sold their other Bitcoin holdings, while the BTC embedded in these gold coins remained untouched.

Whether factors such as sunk cost, physical form, or additional effort required to transfer funds influence long-term holding behavior remains an open question.

For archival referencet:
https://goldphysicalbitcoin.com

[ovcijisir]

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Between 2017 and 2021, many participants sold their other Bitcoin holdings, while the BTC embedded in these gold coins remained untouched.
~

How do you know that funds wasnt moved? Is there any available list of the addresses that were used for these coins?

To be honest Inever heard about those coins, but thst doesnt surprise me considering that they were produced in such limited number..

BTW. Is that official link for those collectibles?

[goldphysicalbitcoin]

~
Between 2017 and 2021, many participants sold their other Bitcoin holdings, while the BTC embedded in these gold coins remained untouched.
~

How do you know that funds wasnt moved? Is there any available list of the addresses that were used for these coins?

To be honest Inever heard about those coins, but thst doesnt surprise me considering that they were produced in such limited number..

BTW. Is that official link for those collectibles?

Regarding verification: The backend monitors 100 genesis addresses on chain every 12 hours. The grid diagram on the website directly reflects this real-time data (green = original 1 BTC UTXO unspent; gray = spent). As for the address mask, this is a security measure to prevent "dust attacks".

"GoldPhysicalBitcoin.com is the project's dedicated non-profit archive website, recently established to preserve the history and data from 2014, as the original community disbanded due to regulatory changes in China."

[Mbitr]

Do you have a vested interest in this product?

Looking at your post history, you seem to be promoting your website and possibly the fact that you own some of these coins or were involved in the project some way ?

Are you genuinely interested in the history of this project or just attempted to shill some coins at a later date ?

TIA 

[goldphysicalbitcoin]

Do you have a vested interest in this product?

Looking at your post history, you seem to be promoting your website and possibly the fact that you own some of these coins or were involved in the project some way ?

Are you genuinely interested in the history of this project or just attempted to shill some coins at a later date ?

TIA 

I was one of the original designers of this experiment and still retain the two coins originally allocated to me as personal collectibles.

The experiment was completed long ago and was never publicly sold. Under current Chinese regulations, similar projects would not be repeated.

In late 2025, some non-original holders, lacking historical context, redeemed the Bitcoin and disposed of the physical coins.

I created this site as an archival record to preserve historical context for non-original holders and researchers.

This site exists solely as an archive. It does not promote, issue, or sell any crypto assets.

[joniboini]

I'm surprised something like this exists. I guess it makes sense since I'm not around in 2014. According to your website, your website was published just this year after 8btc was shut down? As far as my search result showed me, that's a Chinese media platform. I'm not really familiar with which platforms are popular in China. Does this imply they're involved with starting this experiment, too? Based on the articles you linked on your website, it feels like most news around this experiment was published in 2014 with no further updates until now.

[PrivacyG]

It is probably the extra effort and the way you would have to 'damage' the coin in order to take the Bitcoin off of it.  Was the main purpose of this experiment to understand the behavior of 'physical Bitcoin' holders compared to Bitcoiners holding their Coins in their own Bitcoin Wallet?  If yes then why were the participants people who already knew they were part of it?  Is this not a factor that influences the end results?  In my mind, it may be more difficult for the conscious participant of the experiment to redeem it than it would be for some body who does not know they are part of the experiment.

[Upgrade00]

In late 2025, some non-original holders, lacking historical context, redeemed the Bitcoin and disposed of the physical coins.

For this to happen the original holders will have to have sold the coins to someone else. When that happens and someone pays for it, there is extra motivation to redeem the bitcoins stored in it. I do wonder why someone will buy the physical coins and not directly from an exchange to their wallet and how the valuation will work for both parties.

Is there a way to verify a coin was part of the project without destroying it, like a unique QR code or signature stamp?

[Lorence.xD]

I was one of the original designers of this experiment and still retain the two coins originally allocated to me as personal collectibles.

The experiment was completed long ago and was never publicly sold. Under current Chinese regulations, similar projects would not be repeated.

You should've lead with this one though so people didn't find you suspicious about your intentions. Do you have like any graphs to compare for the experiment, it helps if there's some visuals although I know that bitcoin is the one that made it to the top. Would you guys be able to do it in another country if you were able to do it again?

[goldphysicalbitcoin]

In my mind, it may be more difficult for the conscious participant of the experiment to redeem it than it would be for some body who does not know they are part of the experiment.

"This is exactly the discussion point I wanted to raise: Can an 'expensive piggy bank' help people store valuable coins for the long term?

This experiment was actually a concrete action by early Bitcoin Maximalists to verify the concept of Bitcoin as 'Digital Gold.'

In 2014, using a $1,300 gold wallet to store $600 worth of Bitcoin was, in itself, a form of behavioral art."