Bitcoin was founded in 2008 by an unknown person. The individual published a white paper anonymously, and hence from there on, he is referred to as Satoshi Nakamoto. There have been many efforts made to unveil the true identity of the founder of Bitcoin, but all have been unsuccessful. And based on what Coinbase said, it is good that the identity of the founder wasn’t revealed. The company believes that crypto might crash if that happens.
Why might crypto crash?
Coinbase made the statement about the market crash of crypto, linking it with the possible reveal of the identity of Bitcoin’s founder in its IPO. The company didn’t give any specific reason about why that may happen. But it is important to understand the reason behind this. People who are in favor of Bitcoin or the idea of it wouldn’t obviously want to know that the coin was made as a joke. At the same time, the idea that no one knows who made Bitcoin makes it even more interesting for users.
At the same time, it is also speculated that 1.1 million of the total 21 million coins are held by Satoshi Nakamoto. The current price of Bitcoin puts him in the top richest people worldwide. And in general, us finding out the founder of Bitcoin is not someone we imagined could make the markets bearish. Bitcoin is already at a critical stage, with the prices falling significantly in the last week. And this might just worsen the situation.
The rise of Bitcoin!
Bitcoin has presented individuals with one of the largest wealth creation opportunities in history. In the last year, Bitcoin’s price has increased more than 400%. And if we consider the 52-week low and the 52-week high its is around 15 times. Many have already gotten rich with this substantial increase in the value of the first cryptocurrency ever made. At the same time, many are banking on the rising prices of cryptocurrency and are holding for the long term.
With investments from big companies, acceptance from banks, integration in payment methods, Bitcoin is at its peak stage of acceptance. I say peak because even Apple has integrated Bitcoin as a payment method in Apple Pay. Yes, the same company was banning crypto apps from its Appstore a few years back. Simultaneously, the oldest bank of America decided to let users transact Bitcoin through its bank network. This also resulted in the price of Bitcoin see an immense push.
Even the richest person on the planet, Elon Musk, is an advocate of Bitcoin. Though his recent comments played a part in Bitcoin plunging 20%, it still doesn’t change the fact that he actually believes in the future of cryptocurrency. Just a while back, he said in a Clubhouse room that Bitcoin is on the verge of widescale acceptance.
What are your thoughts on the crypto market crash that could happen if Bitcoin’s founder’s identity is revealed? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.