Bitcoin Predicted To Soar Past $35,000 By Summer As Wallets Holding At Least 1 BTC Hits The 1 Million Mark

James Howells, a British man who mined Bitcoin in its early days, has seen his hopes crushed after a U.K. judge dismissed his case to recover a Bitcoin wallet valued at around $709 million from a landfill in Newport, Wales.

This ruling marks a significant setback for Howells, who had spent years battling for access to the site where he believes his hard drive, containing thousands of Bitcoins, was inadvertently discarded in 2013.

Howells, an early adopter of cryptocurrency, had hoped to retrieve the hard drive from the landfill, claiming it contained 7,500 Bitcoins. He had been actively pursuing a legal route to recover the wallet, even offering Newport City Council a share of the cryptocurrency in 2021 if the drive was successfully retrieved.

However, the council maintained that excavation of the site was not feasible due to legal, economic, and environmental concerns, which prompted him to institute a lawsuit aimed at recovering the stash last October.

However, in December 2024, a High Court judge ruled that there were no “reasonable grounds” for Howells’ claim and that there was no realistic prospect of success should the case go to trial. Notably, Judge Keyser KC rejected Howells’ application, stating that the hard drive had become the property of the council once it entered the landfill and that any attempt to excavate the site would likely violate environmental permits.

The judgment marks the end of a years-long battle for Howells, who has expressed deep frustration over the decision.

“The case being struck out at the earliest hearing doesn’t even give me the opportunity to explain myself or an opportunity for justice in any shape or form,” Howells noted following the ruling. “It’s not about greed. I’m happy to share the proceeds, but nobody in a position of power will have a decent conversation with me.”

Meanwhile, this issue is not unique to Howells. In 2023, former Ripple CTO and Coil CEO Stefan Thomas revealed that he had only two attempts left to recover access to a wallet containing 7,002 BTC, worth roughly $662 million today.

That said, while the ruling effectively puts an end to Howells’ pursuit of his lost fortune, it raises important questions about the fate of lost or forgotten cryptocurrency. A report from Chainalysis reveals that approximately 20% of the total Bitcoin supply, or around $140 billion, is currently locked in inaccessible wallets.