Janet Yellen Photobomb “Buy Bitcoin” Sign Sells for $1 Million At Auction

The iconic “Buy Bitcoin” sign, famously held up behind then-Federal Reserve Chair Janet Yellen during her 2017 congressional testimony, has been auctioned off for a staggering 16 BTC, equivalent to just over $1 million.

The auction, which took place at PubKey, a Bitcoin-themed bar in New York City, was facilitated by the auction house Scarce.City and has set a new record for the platform.

TLDR

The iconic “Buy Bitcoin” sign held up behind Janet Yellen during her 2017 congressional testimony has been auctioned off for 16 BTC, or just over $1 million.
The auction was held at PubKey, a Bitcoin-themed bar in New York City, and facilitated by the auction house Scarce.City.
The sign’s new owner is a pseudonymous bidder known as “Squirrekkywrath” or “Justin,” described as a “bitcoin OG that no one has ever heard of.”
Christian Langalis, the original “Bitcoin Sign Guy” who held up the sign, will use the proceeds to fund his startup, Tirrel Corp, which is developing a Bitcoin Lightning network wallet on Urbit.
The auctioned notepad also includes Langalis’ notes and mock drawings of the sign from the day of the hearing.

The sign, hastily scrawled on a yellow legal pad by Christian Langalis, gained instant fame when it was flashed behind Yellen during the televised House Financial Services Committee hearing in July 2017.

The moment marked a significant milestone in Bitcoin’s journey, as it symbolized the cryptocurrency’s growing presence in the global monetary landscape and its ability to capture the attention of mainstream audiences.

Langalis, who was a 22-year-old intern at the Cato Institute at the time, was escorted out of the hearing room for violating committee rules by displaying the sign.

However, the impact of his action was immediate and far-reaching. CNBC reported that following the sign’s appearance, the price of Bitcoin rose by 3.7%, reaching over $2,418.

The winning bidder, known only by the pseudonym “Squirrekkywrath” or “Justin,” has been described by Alex Thorn, the head of research at Galaxy, as a “bitcoin OG that no one has ever heard of.” The mystery surrounding the buyer has only added to the allure of the auction and the significance of the “Buy Bitcoin” sign.

Congratulations to Justin, A.K.A. Squirrekkywrath, winner of the #BitcoinSignGuy auction for 16 #BTC. ????@tpacchia Get this man a Whale! ???? pic.twitter.com/DPpczcEzkJ

— PUBKEY (@PubKey_NYC) April 24, 2024

Christian Langalis, now known as the “Bitcoin Sign Guy,” has revealed that the proceeds from the auction will be used to fund his startup, Tirrel Corp, which is developing a Bitcoin Lightning network wallet on Urbit.

The Lightning Network is a layer-2 solution designed to improve the scalability and speed of Bitcoin transactions, while Urbit is a decentralized personal server platform.

By channeling the funds from the auction into this innovative project, Langalis is demonstrating his ongoing commitment to the growth and development of the Bitcoin ecosystem.

The auctioned item was not merely the sign itself, but also the yellow legal pad on which it was written. The notepad contains Langalis’ notes from the hearing, as well as mock drawings of the sign, providing a unique glimpse into the moments leading up to the iconic photobomb.

Although the page with the handwritten sign had been removed from the notepad shortly after the hearing, it was reattached using clear archival wire, ensuring its preservation as a piece of Bitcoin history.

Prior to this record-breaking auction, Langalis had created and sold 21 replicas of the sign in 2019, which fetched an average price of 0.8 BTC each, equivalent to approximately $51,300 at today’s prices.

These replicas have found homes in the offices of prominent venture firms such as Paradigm, Blockchain Capital, and Castle Island Ventures, as well as the crypto think-tank Coin Center, further cementing the sign’s status as a symbol of Bitcoin’s growing influence.