Even the greatest Bermuda Triangle mystery has come to an end in 2021. The mystery surrounding Satoshi Nakamoto’s identity is still a mystery. Every Bitcoin today is worth more that US$46,000. In November, the cryptocurrency saw its value reach an all-time high at US$68,000 and experts predict that Bitcoin will rise to US$100,000. Despite the growing interest in Bitcoin, the identity of its creator is still hidden behind the walls. It is not certain that Satoshi’s identity will be revealed in order to help the cryptocurrency falling Bitcoin market.
Bitcoin was a leading cryptocurrency that revolutionized the financial industry. It was the first cryptocurrency to challenge and consider traditional financial models. Bitcoin started its journey at zero and currently has a value of US$46,000. Bitcoin rose to prominence in 2017, and more investors followed over the years. The real action began in May 2020, when Bitcoin’s value broke new records and attracted more investors to the sphere.
Other altcoins such as Ripple and Cardano were also created due to the dominance of Bitcoin. However, it is still unknown who created it. According to reports, Satoshi Nakamoto holds approximately 1 million Bitcoins. This is worth trillions today. We will explore the potential impact Satoshi’s identity leak could have on the cryptocurrency marketplace.
The Beginning of Bitcoin
In 2008, Bitcoin was founded by Satoshi Nakamoto who published a nine-page paper that contained the first ever mention of a peer-to-peer electronic money system. While this whitepaper was not the first to discuss blockchain technology and its worldwide applications, Satoshi’s initiative succeeded in making Bitcoin the first cryptocurrency to debut. Satoshi collaborated with developers and online coders to enhance Bitcoin’s capabilities. This continued until Satoshi vanished in 2011. He didn’t leave empty-handed. Satoshi took 1,000,000 Bitcoins with him when he left.
One million Bitcoin is a lot, considering that there is only 21 million Bitcoins in circulation and over 18 to 19 millions BTCs in circulation. According to crypto enthusiasts Satoshi could potentially flood the entire Bitcoin market with 1 million coins. The Bitcoin community insists that it is independent and not controlled by any central authority. The Bitcoin community decides by consensus, and without a leader. At the moment, many members of the community, including developers, miners, and investors, meet to discuss potential changes. However, Satoshi could be identified as a threat because it grants power to someone who has 1 million coins.
The Florida Court Case – Its Potential to Reveal Satoshi
Although Satoshi Nakamoto’s identity is still unknown, a Florida court case may provide some insight. David Kleiman’s family, a computer scientist, sued his former business partner for control over their assets. According to the claims Kleiman and Craig Wright, his business partner, created Bitcoin and stored 1 million BTCs.
Craig Wright, a 51-year old Australian computer scientist, claims to be the brain behind Bitcoin. While there are some facts to support Wright’s claims, Bitcoin investors seem to have different opinions. They suspect Wright may be using elaborate hoaxes to convince the Bitcoin community.
David Kleiman’s descendants have sued Wright to obtain their share of the Bitcoin stash, which is estimated at US$70 billion. Kleiman’s lawyer claims that Kleiman’s family will soon present evidence to support the partnership avows. Wright’s lawyer said that the court would soon find no evidence that they were partners. Many Bitcoin investors are denying the claims despite the tense court battle. They claim that the claim can only be proven if Wright or Kleiman produce a private key or password for the digital wallet that holds 1 million Bitcoins.
The Impact of Satoshi’s Identity on Bitcoin Prices
According to Coinbase’s IPO filings, revealing Satoshi’s identity could pose a threat to the cryptocurrency market. There are many possible outcomes that could occur if Satoshi’s identity comes under scrutiny. One possibility is that Satoshi is the owner of the key to 1.1 Million Bitcoins. This is approximately 5% of total supply. If Satoshi plans on selling off the 1.1 million coins, the entire cryptocurrency market will crash. If Satoshi is already dead, the entire world will find out that these Bitcoins are inaccessible forever. The digital currency market will not benefit from the revelation of the identity behind Bitcoin. Bitcoin must gain popularity and adoption in order to be successful in 2022.
