Creator of Bitcoin, Satoshi Nakamoto, Owns Over a Million BTC

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Creator of Bitcoin, Satoshi Nakamoto, Owns Over a Million BTC

Satoshi Nakamoto
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The creator of bitcoin, Satoshi Nakamoto, owns 1.1 million BTC. This fortune is worth 30 billion dollars now. 

The white paper on bitcoin came out in 2009. Satoshi Nakamoto, the man behind the paper, kept his identity a secret. During the first seven months of BTC’s existence, Satoshi mined as many as 1.1 million bitcoin.  At the time, the reward for mining each block was 50 BTC. Satoshi did not split his reward with anyone.

The poster child of cryptocurrency is famous for its limited supply. Bitcoin will cap at 21 million dollars. However, a huge chunk of the total supply belongs to the creator himself.

Satoshi is the greatest miner in the history of cryptocurrency. He mined 5% of the total supply between January and July 2009. Bitcoin held zero value at that time. The researchers cut Satoshi some slack and say that he could have mined more but deliberately curbed his efforts to give the future miners a fair chance.

Also Read: Bitcoin: A store of Value in 2021

Coinbase Calls Satoshi’s Identity a Risk Factor:

Coinbase, the world’s largest cryptocurrency broker, released documents on Thursday citing Satoshi’s identity as a risk factor.

According to Coinbase, the person behind the pseudonym of Satoshi Nakamoto can destabilize the crypto market if he decides to transfer his bitcoin. The value of BTC may deteriorate after the revelation of the creator’s identity.

Bitcoin is praised for its consistent rise in price and deflationary tendencies. It is considered better than fiat money due to this single edge. Nonetheless, if 1.1 million bitcoin are released in the market than the price of the currency will certainly fall.

The bitcoin blockchain is beneficial to many actors due to decentralisation. It doesn’t come under any single institution or person. However, the revelation of satoshi’s identity will make bitcoin an authority’s possession. Therefore, investors may deter from trading the asset.

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