If you haven’t heard, bitcoin is back in the news in a major way. Bitcoin was back in mainstream for the first time in late 2017 when the price reached $ 19,000 in just a few weeks. Falling as low as $ 3,400 in November 2018, the price rose and flowed over the next few years. In recent months, bitcoin has been rising again. It is skyrocketing its value and the new millionaire and billionaire people are left, right, and at a complete tear with the center. As I write this article, a single bitcoin costs $ 48,309. At that stage, the mysterious creator of cryptocurrency is sitting on an absolutely insane fate. A fortune that is sitting in just an electronic wallet, completely untouched and untapped…
It is commonly accepted that a “person” named Satoshi Nakamoto is the creator of bitcoin. However, it should be noted that he has never been officially identified, spoken publicly or seen in person. Many, many, many attempts have been made to find him. We are not sure if Satoshi Nakamoto exists, or, at least, exists as a living, breathing person walking on Earth. He may die. He can be one. It can be a pseudonym.
If you put all the secrets aside, then we know a few things about Satoshi Nakamoto:
- He is an incredibly brilliant programmer
- He is sitting on a huge personal fortune.
Origin of bitcoin
The domain name Bitcoin.org was registered in August of 2008. Two months later, someone known as Satoshi Nakamoto published a paper titled “Bitcoin: a peer-to-peer electronic cash system“And it was presented on a cryptography mailing list. This paper is the first time that Satoshi Nakamoto’s name appeared on the Internet related to cryptocurrency.
Nakamoto implemented bitcoin software on 3 January 2009. On that date, he said what is now called “the genus block of bitcoin”.
His reward? 50 bitcoins. Today’s Price? $ 2.4 million.
One of the most innovative features of bitcoin is that its total spread is tightly capped at 21 million “coins”. This gives the currency an inherent drawback that has become very attractive to investors today. The governments of the world print trillions upon trillions of dollars, which is not really backed by any real value, which has something that can never be diluted. It is not that bitcoin itself has real value today. It is essentially a very speculative chain of people and zeros that 99% of its holders do not actually use to transact. That will change.
In the first few months of going online, the price of a single bitcoin was basically zero. Like, literally $ 0.0008 per BTC. You could buy all BTC for $ 16,800.
In March 2010, when the price was less than $ .01, a merchant using the username “SmokeTooch” held an auction for 10,000 BTC (symbol for bitcoin). He was asking for $ 50. No bidder appeared. If you had decided to give $ 50 to “SmokeTooMuch”, you would be sitting today $ 480 million.
In 2011, BTC first hit $ 1 per coin. It cost a lot in fluctuations between $ 3 to $ 12 that year and the next.
In 2013 things started to get interesting. Bitcoin debuted in 2013 at around $ 15. It ended the year above $ 800.
Then 2014 was a retreat year for BTC. Price reduced to under $ 200s.
Here’s what happened between 2015 and today:
Satoshi Nakamoto’s untouched luck
The first 50 BTCs earned as a reward for the mining of the “Genesis Block” were not just bitcoin satoshi. On the contrary, indeed!
As the creator and head of the first bitcoin miner, Satoshi set aside 1 million coins at the time of its founding. It is 4.8% of bitcoin in circulation. You can see those 1 million coins sitting in his public wallet. They have not been accessed or spent since January 2009. And this is a very strange situation.
As we reported earlier, bitcoin is trading at around $ 48,000 per coin. This means that Satoshi Nakamoto’s wallet is =
$ 48 billion
At $ 48 billion, Satoshi is currently the 27th richest human on Earth, by our count of the world’s richest people.
Satoshi is $ 4 billion richer than Nike founder Phil Knight. He is $ 18 billion richer than Lauren Powell Jobs, widow of Steve Jobs. He is $ 4 billion shy of Carlos Slim. He is only about $ 10 billion shy of the Koch Brothers, McKenzie Scott (Bezos) and Michael Bloomberg.
Now, it is at least not a little suspicious and strange that someone would launch bitcoin in January 2009, give themselves 1 million coins, and then not access those coins again (or at least not in the last 11 years). The The value of bitcoin in particular increased from 6 cents to 25 cents to $ 10 to $ 100… and so forth. The way he couldn’t sell anything?
A simple theory that explains why Satoshi Nakamoto’s bitcoin has not been touched in 11 years is that he is dead. In particular, he probably did not die long after making bitcoins. I mean, how to understand the 40 billion dollar bitcoins sitting there collecting digital dust for over a decade? And here’s one thing, if Nakamoto is dead, maybe $ 40 billion is lost forever. Bitcoin is inaccessible to people who do not have an account password. Since not a single coin has been sold in 11 years, it is for this reason that Satoshi Nakamoto never revealed his true identity to anyone, so no one would know the password of Nakamoto’s personal bitcoin wallet. Once the password is gone in the wallet, there are bitcoins.
Whatever, or wherever Satoshi Nakamoto is, we know this: two years after launching bitcoin, Nakamoto disappeared from the Internet. On April 23, 2011, Nakamoto sent an email to bitcoin developer Mike Hearn, stating: “I’ve moved on to other things.” He wrote that he felt that the future of bitcoin is in good hands. Nakamoto left behind a huge collection of writings, the most influential cryptocurrency ever, and a mystery to the ages.