Key Points
- Satoshi Nakamoto, the anonymous creator of Bitcoin, is now the 11th richest person in the world, surpassing Bill Gates.
- Bitcoin’s on-chain activity has reduced, indicating a shift in perception from peer-to-peer currency to digital gold.
Satoshi Nakamoto, the elusive inventor of Bitcoin (BTC), has ascended the global wealth ladder, attaining the position of the 11th wealthiest person worldwide with an estimated net worth of $120 billion.
Bitcoin’s Price Rally
This achievement is a result of Bitcoin’s recent record-breaking price surge, which pushed the cryptocurrency to an unprecedented high around $112,000. Despite a minor correction, Bitcoin continued to trade at $109,331.
Concerns about U.S spot Bitcoin ETFs exceeding Nakamoto’s holdings have dissipated. Arkham Intelligence, a blockchain analytics company, has confirmed that a group of inactive wallets, suspected to be Nakamoto’s, have remained untouched since his disappearance in 2011. These wallets reportedly hold approximately 5.2% of Bitcoin’s total supply, highlighting Nakamoto’s enduring influence on the crypto market despite his absence.
Community Reactions and Speculations
The community’s reactions to this news varied, with some users referring to Nakamoto as “the world’s most silent billionaire.” Others speculated that Nakamoto might have passed away years ago, suggesting that the Bitcoin in his possession is lost.
The true identity of Satoshi Nakamoto continues to be a mystery, with guesses ranging from Hal Finney to Nick Szabo. However, there is a growing concern about the potential impact on the crypto market if Nakamoto’s dormant Bitcoin holdings are ever moved or liquidated.
It is noteworthy that Nakamoto’s net worth has now surpassed that of Bill Gates, thanks to Bitcoin’s remarkable price increase. To overtake Elon Musk and claim the top spot on the global wealth chart, Bitcoin would need to reach an astounding value of $360,000.
Bitcoin’s Changing Perception
As Bitcoin’s market value soars, its on-chain activity has hit historic lows. This divergence between increasing prices and decreasing usage indicates a fundamental shift in Bitcoin’s perception and use. More and more users are moving to centralized exchanges and using more cost-effective blockchains for daily transactions, suggesting that Bitcoin is moving away from its original identity as a peer-to-peer cash system and is increasingly seen as a long-term store of value.
This evolution supports the concept of Bitcoin as “digital gold,” making it less of a metaphor and more of a definitive reality.
