Why is the creator of Bitcoin behaving so suspicious? I will explain my theory to you!
00:00 In case you hadn’t heard, Bitcoin is back in the news and in a major way.
01:07 Satoshi Nakamoto is the creator of Bitcoin.
Though, it should be noted that he’s never been identified officially, spoken publicly or been seen in person. There have been many attempts at finding him. We’re not even sure if Satoshi Nakamoto really exists!
01:44 The domain name Bitcoin.org was registered in 2008. Someone going by the name of Satoshi Nakamoto published a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” and submitted it to a cryptography mailing list.
This paper is the first time Satoshi Nakamoto’s name appeared on the internet related to cryptocurrency.
Nakamoto implemented the bitcoin software on January 3, 2009. On that date, he mined what is now called the “genesis block of bitcoin”. His reward? 50 Bitcoins. Today’s value? $2.8 million dollars.
The first few months of being online, the price of a single bitcoin was basically zero.
Back then you could have bought all the BTC in existence for $16,800 dollar!
In 2011, BTC hit $1 per coin for the first time. It spent much of that year and the next fluctuating between $3 and $12.
In 2013 things started to get interesting. Bitcoin started 2013 at around $15. It ended the year at above $800.
Then 2014 was a bit of a retreating year for BTC. The price lagged back down to around $200.
03:18 Satoshi set aside 1 million coins for himself at inception. That’s 4.8% of all Bitcoins 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 that’s a very strange situation.
Bitcoin is trading at around $56,000 per coin. That means Satoshi Nakamoto’s wallet is worth $56 billion dollars! That makes Satoshi the 22nd richest person walking the earth!
04:01 I would like to share with you my theory about the suspicious behavior.
Isn’t it at least a little suspicious and strange that someone would launch Bitcoin back in January 2009 and give themselves 1 million coins and then never access those coins again?
One simple theory that explains why Satoshi Nakamoto’s Bitcoins haven’t been touched in 11 years is, that he is dead.
He likely died not long after creating Bitcoin.
If Satoshi Nakamoto is really dead, then that $50 billion dollars is probably lost forever.
Whatever the case, or wherever Satoshi Nakamoto is, there is one thing we know for sure.
On April 23, 2011, Nakamoto sent Bitcoin developer Mike Hearn an email saying:
“I’ve moved on to other things.”
He wrote that he felt the future of Bitcoin was in good hands.