We all heard the story of Satoshi Nakamoto, Bitcoin’s creator, but nobody knows who this persona actually is. Is it a man, woman or a group of people? Still, one thing is for sure. Satoshi Nakamoto could burn down the Bitcoin market if someday he would chose to do so, informs Cointelegraph.
Rumours say that Nakamoto sits on 1 million coins, but what is he doing with these coins? It’s still a mystery, yet we know what would happen if he would decide to flood the market with them – it will destroy the whole digital currency industry.
The faith of the currency is in his hands
Matt Green, a cryptocurrency professor at Johns Hopkins University, revealed that Satoshi Nakamoto can tank the currency if he wants to. “The thing about Bitcoin is if you control a million of them, you have the ability to flood the market at any point. Think of them as rare baseball cards. They’re valuable because they’re rare. If somebody could dump hundreds or thousands of Mickey Mantle trading cards, rare ones, onto the market, they wouldn’t be worth so much anymore,” said Green.
Remember that Bitcoin has a finite supply of 21 million, which is expected to be reached by the year 2140, and holding 5 percent of the entire cryptocurrency is something huge.
Still no sign of a secret plan to influence the market
However, Satoshi Nakamoto has been under the radar for a long time and hasn’t influenced the Bitcoin market. But what if he changes his mind? Despite his long absence, he is still an extremely significant figure in the digital currency’s future.
Ben Yu, a Bitcoin investor living in San Francisco, says that if Bitcoin becomes a global currency, then Satoshi Nakamoto will become the most powerful person on Earth.
This example never gets old. Currently, The US government holds the most gold reserves of any other entity in the world, at about 8,000 tonnes, meaning a little over four percent of the world’s total supply, which is less than Nakamoto’s five percent stake in Bitcoin.