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The cryptocurrency exchange Coinbase warned in its initial public offering (IPO) that the Bitcoin and Ethereum markets could deteriorate if the identity of the anonymous inventor of Bitcoin, Satoshi Nakamoto, were revealed. Recently, the price of a bitcoin hit new all-time highs as the market value of bitcoin exceeded $ 1 trillion. Bitcoin is a cryptocurrency that was started in 2009 by an unknown person or a group of people using the name Satoshi Nakamoto. Coinbase also noted that the identification of the mysterious inventor could affect its business and lower the prices of Bitcoin and Ethereum in the cryptocurrency market.
Speculations
According to reports from Independent.co.uk, it is unlikely that Nakamoto is Japanese and would hold around 1.1 million of the 21 million bitcoins that may exist in the world. In addition, its existence would have a “socio-economic” impact. The anonymous person published a 2008 white paper titled “Bitcoin: A Peer-to-Peer Electronic Payment System.” During all these years, there have been several futile efforts to discover Satoshi’s true identity.
Read: Bitcoin crosses $ 50,000 mark for the first time
Musk, a strong supporter of the use of cryptocurrency
Bitcoin’s price hike began when, earlier this month, Elon Musk announced that Tesla had acquired $ 1.5 billion worth of bitcoin in January. He further stated that he may accept bitcoin for payments in the future.
Musk has been a strong supporter of the use of cryptocurrency. He previously shared a series of tweets promoting Dogecoin. Musk had tweeted, “The future currency of the earth.” Elon Musk tweeted: “I just set up some little Doge mining rigs with my kids. It was fun.” With that, dogecoin prices briefly shot up to $ 0.58990.
Read: Reddit user claiming to be Tesla employee reveals he lied in Bitcoin Investment Post
This news has led to further speculation that all major companies may soon be adding bitcoin or other cryptocurrencies to their balance sheets. Various companies like Square Inc. and PayPal Holdings Inc. have already validated the exchange model. Still, with Apple Wallet, the iPhone seller will immediately lead the market with its potential. In addition, Apple is known to provide the best security and privacy services to its customers, which would be an added benefit.
Read: Is Apple Buying Bitcoin After Tesla Pledges $ 1.5 Billion? Read to find out
Also Read: Jack Dorsey & Jay Z Announce Bitcoin Investment Fund Focused on India, Africa
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