If Bitcoin Creator Satoshi Nakamoto Sold 1 Million BTC What Would Happen
Satoshi Nakamoto, who is Bitcoin’s creator, is said to hold a substantial sum of Bitcoin, far beyond what is typically safe for a distributed currency to carry. Although it’s an unlikely case, there is always the possibility that if Nakamoto had the inkling, he could flood the market with a million coins and ruin its value.
Among the biggest mysteries in the technology world is the individuality of Satoshi Nakamoto. Nobody knows who he is, where he is or what he's doing with his millions. That is millions, as in countless Bitcoins since it has been reasonably estimated that Nakamoto could own over one million Bitcoin.
Bitcoin includes a finite supply of 21,000,000 which is expected to be obtained in the year 2140. Nakamoto's 1,000,000 Bitcoins amount to five percent of the whole cryptocurrency.
Identity And Disappearance Of Satoshi Nakamoto
Nakamoto has really gone undercover since he decided to pull away from his creation, and to get a man with such high value, his influence hasn't gone unnoticed among the pseudo-anonymous Bitcoin network.
But if Nakamoto had been to place up his coins for sale, then the whole market could be flooded, and the Bitcoin market would tank.
Ben Yu, a Bitcoin investor residing in San Francisco, says Nakamoto's stake in Bitcoin is extremely significant.
“If Bitcoin fulfills its role of becoming a worldwide means of trade, then Satoshi Nakamoto will likely be the wealthiest person in the world and also hold a proportionately greater share of the best source of Bitcoin than something like the US government holds in gold now,” stated Yu.
Yu's math works out. The US government holds the most gold reserves of any other entity in the world, at about 8,000 tonnes.
That is a little more than four percent of the world's total supply, less than Nakamoto's five percent stake in Bitcoin.