Even the biggest mystery of the whole world about the Bermuda triangle has come to an end, but the creator of bitcoin is still unknown. Then, people only know about the name Satoshi Nakamoto who created bitcoin, and now, no one knows if it is a person or a group of people. Recently, during November, bitcoin managed to reach $69,000, and after that, it started to fall. Today, bitcoin is standing at about $49,000, but we are never sure if bitcoin will get a good value in the market again or not. According to most experts across the globe, bitcoin is expected to reach a price level of 100,000 United States dollars in 2022, But it is also highly uncertain in the eyes of many people.
Some people believe that with the reveal of the identity of Santoshi Nakamoto, bitcoin is expected to increase in future. However, according to the experts, there will not be much effect on bitcoin prices after the identity of Satoshi Nakamoto is revealed. The bitcoin market will not get any good because of the creator’s identity because the market demand and supply entirely move it. The cryptocurrency space is a financial ecosystem that depends on demand and supply mechanisms. Therefore, the prices tend to increase. However, sometimes, this phenomenon also failed. When their price is low in the cryptocurrency market, there is a high demand for bitcoin. Some of the most prominent players in the cryptocurrency market are purchasing the dip, which is creating strange action in the market.
The beginning of BTC
Bitcoin came into existence in 2008 when the Japanese creative Santoshi Nakamoto revealed a paper about the first peer-to-peer electronic cash system. It was the first time people learned that they could make transactions without using the government’s financial system. However, bitcoin was not as popular as it is now back in time. Earlier, only a few people were aware of bitcoins, and now, it is the most popular cryptocurrency in existence. Satoshi Nakamoto was the one who got into partnership with different developers on the Internet who could improve the bitcoin ecosystem. He continued to work on bitcoin till 2011, and after that, the name of Satoshi Nakamoto disappeared into thin air.
There is only limited availability of 21 million bitcoins in the whole ecosystem, and 1 million is there for a considerable amount. However, 19 million bitcoins are already in circulation to date, and only a few remain. Satoshi Nakamoto himself is the holder of 1 million bitcoins in circulation. Therefore, according to the cryptocurrency associates, it is believed that he has the capacity of moving the market to a large extent. Also, the main reason Bitcoin became popular is its decentralised nature and relevance away from the government. There is no central authority on bitcoin, and therefore, the community can make the bitcoin consensus decisions. However, it is not yet apparent if the revealing of the identity of Satoshi Nakamoto will do good or harm to the cryptocurrency market.
The Florida court case
Over time, different people claim as the creator. For example, in Florida, there is the family of a deceived businessman who was a computer scientist, and they claim to be the righteous honour for 1 million bitcoins. They say is that the person who was in partnership with the deceased person took the name of Satoshi Nakamoto and took away all the 1 million bitcoins. Even if many people are claiming the identity of Santoshi Nakamoto, no one is sure if they are true or not.
What will be the impact?
According to the different researches done over time on official website of Bitvestment, it is revealed that the revealing identity of Satoshi Nakamoto could be a threat to the cryptocurrency market. If Satoshi Nakamoto is identified and he plans to sell the 1.1 million bitcoins, which is about 5% of the total supply, it will lead to the market collapse. However, if the person is already a disease and is no longer available for doing anything about the 1.1 million bitcoins, there will not be any possible impact on the market. Therefore, there is enormous uncertainty about the future of bitcoin even after revealing the identity of Satoshi Nakamoto.