Satoshi Nakamoto holds around 1.1 million Bitcoins, which is valued at US$70 billion today
In 2021, even the biggest Bermuda Triangle uncertainty has come to a convincible end. However, the mystery behind the identity of Satoshi Nakamoto still remains in the shadow. Today, every Bitcoin is worth more than US$46,000. The cryptocurrency’s value managed to hit an all-time high of US$68,000 in November and experts predict that Bitcoin’s price will go up to US$100,000 in 2022. Despite the fueling interest in BTC, the identity of its creator remains behind the walls. Unfortunately, there is no assurance that revealing Satoshi’s identity could do any good to the currency falling Bitcoin market.
Bitcoin was a preeminent cryptocurrency that rocked the financial ecosystem. It emerged as the first digital token that countered and contemplated the traditional financial models. Bitcoin began its journey from zero and is currently valued at US$46,000. It rose to prominence in 2017 and gained more investors over the next few years. But the real action started in May 2020 when Bitcoin’s price touched new records and attracted new investors into the sphere. Owing to the surging dominance of BTC, other altcoins like Ethereum, Cardano, Ripple, etc also came into existence. But despite its growing importance, the identity of its creator, Satoshi Nakamoto, is yet to be revealed. According to reports, Satoshi holds around 1 million Bitcoins, which is worth trillions of dollars today. In this article, we explore the impact Satoshi’s identity reveal could have on the cryptocurrency market.
The Beginning of Bitcoin
Bitcoin was created in 2008 after Satoshi Nakamoto published a nine-page whitepaper containing the first-ever mention of a ‘peer-to-peer electronic cash system’. Although this was not the first time somebody talked about blockchain technology and its global applications, Satoshi’s initiative managed to hit fruition when Bitcoin became the first cryptocurrency to make its debut. Satoshi partnered with developers and coders online to improve Bitcoin’s capabilities. The scenario continued till 2011 before Satoshi disappeared in thin air. But he didn’t walk away empty-handed. When Satoshi left, he took with him a whopping 1 million Bitcoins.
One million Bitcoin is really a huge number because the total circulation of all Bitcoin is limited to 21 million and already over 18 to 19 million BTCs are in circulation. Therefore, according to crypto enthusiasts, Satoshi has the potential to tank the whole Bitcoin market with those 1 million coins. Besides, the Bitcoin community strives on a motto that it is decentralized and is not governed by any central authority. Without a leader, the Bitcoin community makes decisions through consensus. Currently, various constituents of the community including miners, developers, and investors, gather to discuss changes. However, revealing Satoshi’s identity could be a threat since it gives power to somebody who holds 1 million coins.
The Florida Court Case and Its Potential to Reveal Satoshi
While the real identity of Satoshi Nakamoto is still under speculation, a Florida court case is thriving to give an answer to this. The family of deceased David Kleiman, a computer scientist, has sued his former business partner over control of their partnerships’ assets. According to the claims, Kleiman and his business partner, Craig Wright, created Bitcoin under the pseudonym, Satoshi Nakamoto, and stashed 1 million BTCs.
Craig Wright is a 51-year-old Australian computer scientist who claims to be the brain behind Bitcoin. Although there is some evidence to back Wright’s claim, Bitcoin investors still seem to have varied opinions. They believe that Wright could be engaging in an elaborate hoax to convince the Bitcoin community.
On the other hand, David Kleiman’s heirs have sued Wright to get their half share of the Bitcoin stash that is worth nearly US$70 billion. Kleiman’s family lawyer has also claimed that they will soon show evidence to back the partnership avows. However, Wright’s lawyer has said that soon the court will find that there is nothing to indicate of record that they were in a partnership. Despite the fuming court battle, many Bitcoin investors seem to deny the allegations and say that the claim could only be real if either Wright or Kleiman’s family produces a password or private key for the digital wallet that holds the 1 million Bitcoins.
Impact of Satoshi’s Identity on Bitcoin Price
According to Coinbase’s IPO filing, revealing Satoshi Nakamoto’s identity could be a major threat to the cryptocurrency market. A number of possible events could happen once Satoshi’s identity is brought under the scanner. One is that Satoshi holds the key to 1.1 million Bitcoins, which is around 5% of the total supply. In case if Satoshi plans to sell off those 1.1 million coins, then the cryptocurrency market as a whole will collapse. If he is already deceased, then the world will learn that those Bitcoins will be inaccessible forever. Therefore, revealing the face behind Bitcoin is not going to help the digital currency market in any way. Bitcoin will have to gain its ground from adoption and popularity and make a bounce back to perform well in 2022.
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