Cryptocurrency exchange Coinbase warned in its initial public offering (IPO) documents that the Bitcoin and Ethereum markets could deteriorate if the identity of the anonymous Bitcoin inventor, Satoshi Nakamoto, is revealed. Recently, the price of a bitcoin has reached new highs, with the market value of bitcoin reaching over $ 1 trillion. Bitcoin is a cryptocurrency that was started in 2009 by an unknown person or group of people using the name Satoshi Nakamoto. Coinbase also noted that the identification of the mysterious inventor could affect its business and reduce Bitcoin and Ethereum prices in the cryptocurrency market.
Speculation
According to reports from Independent.co.uk, Nakamoto is unlikely to be Japanese and is believed to hold around 1.1 million of the 21 million bitcoins that could exist in the world. In addition, its existence would have a ‘socioeconomic’ impact. The anonymous person published a 2008 white paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”. Throughout these years, there have been several futile efforts to discover Satoshi’s true identity.
Read: Bitcoin exceeds the $ 50,000 mark for the first time
Musk, a staunch supporter of the use of cryptocurrencies
The rise in Bitcoin prices began when, earlier this month, Elon Musk announced that Tesla had acquired $ 1.5 billion in bitcoins in January. He also said he could accept bitcoins for payments in the future.
Musk has been a staunch supporter of the use of cryptocurrencies. He had previously shared a series of tweets promoting Dogecoin. Musk tweeted, “The future currency of the earth”. Elon Musk tweeted: “I just set up some small Doge mining platforms with my kids. It was fun.” As a result, dogecoin prices rose rapidly to $ 0.58990.
Read: Reddit user who claims to be a Tesla employee reveals he lied in a Bitcoin investment post
This news has led to further speculation that all major companies may soon add bitcoin or other cryptocurrencies to their balance sheets. Several companies like Square Inc. and PayPal Holdings Inc. have already validated the exchange model. However, with Apple Wallet, the iPhone seller will immediately lead the market to its potential. In addition, Apple is known for providing the best possible security and privacy services to its customers, which would be an added bonus.
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Also read: Jack Dorsey and Jay Z announce Bitcoin investment fund focusing on India and Africa