Satoshi Nakamoto: Billionaire, reclusive, and powerful enough to end Bitcoin
If you know anything about cryptocurrency, then you would have heard the name Satoshi Nakamotowhispered with reverence and curiosity. After all, he or she or they are the creators of the first, and most expensive, cryptocurrency – Bitcoin.
Since 2008, when both the pseudonym and the world’s most well-known virtual currency was created, nobody has been able to determine the identity of Nakamoto, let alone trace the creator/s’ whereabouts.
After detailing the plan of having a peer-to-peer electronic cash system in Nakamoto’s white paper, the creator of Bitcoin went on to connect with tech professionals to perfect his initial software, and make the currency what it is today.
Three years after Bitcoin was born, Nakamoto dropped off the radar, but not before he/she/they had accumulated approximately one million Bitcoin. This equates to about $6 billion. This is 5% of the entire currency, which is capped at 21 million. This seemingly small percentage might not seem like a great deal, but the repercussions of it being sold could spell the end for the currency.
This is because flooding the market with such a rare currency means it’s not valuable anymore. This would cause a drastic decrease in the price of Bitcoin, possible ending its reign as the world’s leading cryptocurrency.
However, if Nakamoto decides to hold onto his/her/their share, the financial reward is nothing short of astronomical. With an aim to become a global currency, and being well on its way to that goal, Nakamoto’s $6 billion could end up being worth as much as $100 billion. This is a real possibility according to Kay Van-Petersen, a Saxo Bank analyst. He estimated that the virtual currency could be trading at $100k by 2027.
However, the uncertainty of not knowing if Nakamoto will be cashing in or lying low, is something that the crypto community cannot help but wonder about, and not only because of the financial implications of either option. Having the vast knowledge and skills of Nakamoto could result in a more rapid integration of cryptocurrency in the world.
Not knowing who Nakamoto is leaves Bitcoin with another problem. It has no leader. Even though Bitcoin’s community, and the cryptocurrency community as a whole, uses a democratic method of consensus to reach any decisions, it’s a long process.
In addition, without a leader, the currency runs the risk of becoming stagnant in an ever-changing and dynamic industry.
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