Verdict on “Satoshi Nakamoto”
Search for Bitcoin forefather continues
March 14, 2024, 7:01 p.m
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In 2008, a person calls himself “Satoshi Nakamoto” and explains in a white paper what the essence of Bitcoin is. Since then, it has been a mystery as to who the inventor of the cryptocurrency is. A British court is now giving a self-proclaimed candidate the thumbs up.
An Australian computer expert has lost a lawsuit over his official recognition as the mysterious inventor of the cyber currency Bitcoin – so the search for the forefather of the successful cryptocurrency continues. A British court ruled that Craig Wright was not the author of the 2008 paper, which was published under the pseudonym “Satoshi Nakamoto” and described the technology behind the cryptocurrency. The detailed reasons for the judgment should be submitted at a later date.
The lawsuit was filed by the Crypto Open Patent Alliance (Copa), which is committed to the use and further development of cryptocurrency technologies. Their goal was to prevent Wright from further lawsuits against Bitcoin developers. Copa accuses Wright of falsifying documents to supposedly prove his claims, which he denies. “Based on his dishonest claim to be Satoshi, he has asserted hundreds of billions of dollars in claims, including against numerous private individuals,” said Copa attorney Jonathan Hough.
ETFs with Bitcoin are driving up the price
The foundation for Bitcoin was laid ten years ago. Someone under the name “Satoshi Nakamoto” published a white paper describing the principles of Bitcoin. It was a revolutionary idea: no central bank control, no national borders. Instead, the mechanism called blockchain is intended to ensure trustworthiness and security. For years people have been wondering who the inventor of Bitcoin really was, whether he is still alive and, if so, where he does it.
The cryptocurrency only reached a new milestone at the beginning of the week. The total value of Bitcoins exceeded the value of all silver holdings worldwide on Monday. According to calculations by the specialist portal “Infinite Market Cap”, all Bitcoins were worth more than 1.42 trillion US dollars (1.3 trillion euros) for the first time at that time. The oldest cryptocurrency thus left behind the total value of silver ($1.38 trillion). The calculation is based on estimates that say around 1.74 million tons of silver have been mined worldwide so far.
Asset managers such as BlackRock, Grayscale and Fidelity, which have launched Bitcoin funds in the USA, have been responsible for the rapid rise in the price of Bitcoin in recent months. These Bitcoin ETFs were approved by the US Securities and Exchange Commission in January. They allow investors to invest in Bitcoin without having to directly purchase or hold the digital currency itself.