Trading News

Read The Latest News & Analysis

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

Satoshi Nakamoto
Share on:

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.

Recent News

crypto market

White House Wants to Regulate Crypto as a Matter of National Security

White House is set to present an executive order making it binding on federal agencies to regulate crypto as a matter of national security The US government tends to see crypto

crypto market

Richest Crypto Billionaire CZ has Assets Worth $96 Billion

Cryptocurrency has cultivated a new generation of billionaires The CEO of Binance exchange, Changpeng Zhao, is the richest crypto billionaire with his wealth amounting to $96

crypto market

Crypto Market Keeps Dropping on the Watch

Bitcoin reached $32K on Monday after significantly dropping over the weekend The whole crypto market went south following the pioneer cryptocurrency The sentiments of fear

crypto market

Multi-Million Dollar Crypto Scam: Pakistan to Investigate Binance

Federal Investigation Agency (FIA) of Pakistan has started a criminal investigation into a multi-million dollar crypto scam that involved people sending crypto funds from their

Let's Chat
Facebook
Twitter
Instagram
Pinterest
Youtube