Brian Armstrong – the CEO of Coinbase – is saying that if Satoshi Nakamoto were to ever reveal his full identity, there would be serious repercussions for both bitcoin and its many investors.
Satoshi Nakamoto Should Always Stay Hidden
Not long ago, the company had decided that it was going to go public through a direct filing. In documents related to the filing, the digital exchange claims that Satoshi Nakamoto is a “risk factor,” and that the real identification of the man could lead to problems down the line.
It is widely believed that if Satoshi Nakamoto were to ever reveal himself, things wouldn’t go well for the bitcoin and crypto space. In addition, it was also revealed in the filing that the man possesses more than one million individual units of the world’s number one digital currency by market cap. This means he’s a serious billionaire, as each coin is trading for about $49,000 at press time.
Should Nakamoto ever decide to transfer his bitcoins – which are presently valued at well over $30 billion – the ground could become very shaky for both Coinbase and the people it seeks to serve.
The reason for this is because bitcoin is allegedly driven by its rarity. Right now, it is estimated that Nakamoto holds about five percent of the world’s bitcoins, which doesn’t sound like a huge figure at first, but when one considers that there are only 18.5 million BTC units in the world, things get a little more complicated.
If Nakamoto were to release his 1.1 million bitcoins into the trading space, the price would certainly crash. This is a huge amount of BTC suddenly open and available to investors. With so much available at once, the asset would cease to be as rare as it is today, and thus its price would likely take a nasty fall.
Furthermore, bitcoin is widely labeled as a decentralized form of financial technology, and that revealing Satoshi Nakamoto would go against the very principles the cryptocurrency is built upon. Bitcoin is designed to keep one’s identity hidden and prevent outside parties from having control over another person’s finances and financial goals, and a sudden reveal of Nakamoto would put a damper in this narrative.
This Technology Can Help the World
Brian Armstrong explained in a recent statement:
When I first read the bitcoin whitepaper back in 2010, I realized this computer science breakthrough might be the key to unlock this vision of the future. Cryptocurrency could provide the core tenets of economic freedom to anyone: property rights, sound money, free trade and the ability to work how and where they want.
Over the years, traders have gone nuts trying to potentially find out who could be the legendary Nakamoto, and several famous names have been dropped into the “Nakamoto pot” including Nick Szabo, Tesla CEO Elon Musk and Craig Wright.
