What does this mean for the market?

HBO is preparing to release a documentary that will allegedly reveal the identity of Satoshi Nakamoto.

The documentary “Money Electric: The Bitcoin Mystery”, which will be released on October 8, sheds light on the identity of the creator of Bitcoin (BTC). The work is by Emmy nominee Cullen Hoback, known for his project “Q: Into the Storm” that explored the QAnon conspiracy theory.

The film took three years to complete, and Blockstream CEO Adam Back was the key figure investigating the central mystery of the identity of the BTC creator.

“Money Electric: The Mystery of Bitcoin” trailer

In an interview with Fast Company, Hoback also acknowledged that revealing Satoshi’s identity has real value to the industry. He noted that as Bitcoin becomes more accepted, the influence of someone with a significant supply of BTC increases (Satoshi is estimated to have around 1 million BTC). Therefore, an anonymous developer can significantly impact digital gold, including destroying some of its reserves.

“In a way, this would be good for the security of Satoshi and the security and longevity of Bitcoin. However, Satoshi did not do this; which means the possibility still exists. Therefore, it is very important to try to understand who is behind this and whether they pulled that lever or not.”

The mysterious person who changed everything

The official version says that the founder of the Bitcoin system is Satoshi Nakamoto, an anonymous developer hiding under an extraordinary pseudonym. In 2008, this unique individual wrote the protocols of the innovative currency and named it Bitcoin in his white paper “Peer-to-Peer Electronic Cash System”.

Bitcoin whitepaper | Source: Bitcoin.org

Bitcoin was launched in January 2009 and has since become the basis for many other cryptocurrencies and technologies. Satoshi was actively involved in the early development of the software, communicating with other developers and users via email and forums. But in 2011, he suddenly disappeared from public discussion, handing control of the project to another group of developers.

Despite Bitcoin’s rapid growth and financial success, Satoshi Nakamoto’s true identity is still a mystery. Various theories claim that the developer could be a single programmer or a group of people including famous names in the fields of technology and cryptography. Computer scientist Nick Szabo and cryptographers David Chaum and Hal Finney are among the most popular candidates.

Interest in Nakamoto’s identity continues unabated. This situation resonated widely in society and led to discussions about the future of financial systems, privacy and decentralization. Satoshi Nakamoto continues to be one of the most discussed and enigmatic names in the technology world.

Satoshi’s revealed identity may shake the market

Since its emergence in 2009, BTC has become a major financial instrument, attracting attention as a store of value for those who distrust traditional currencies, a source of speculation for those outside traditional finance, and a means of payment for illegal activities, including cybercrime. . fraud and drug trafficking.

The fact that Bitcoin, supported by celebrities such as Elon Musk, has reached a trillion-dollar value has led central banks to see it as a potential threat to their systems.

“It has grown into a trillion-dollar asset class and gained such scale that even central banks have had to treat it as a potential rival to their own systems.”

Policy

Therefore, Politico journalists admitted that if the identity of Bitcoin’s creator is confirmed, it could cause significant fluctuations in global financial markets and even affect the US election race, especially given Republican Donald Trump’s support for BTC.

It is also assumed that Satoshi, who is currently estimated to control approximately 1.1 million BTC worth $66 billion, may be one of the richest people in the world. However, it is not yet determined whether he has access to the keys to this amount.

What other consequences might come from revealing Satoshi’s identity?

In addition to the factors raised by Politico, the disclosure of Satoshi Nakamoto’s identity could affect the overall microclimate in the crypto industry.

For example, the fact that the father of Bitcoin is a well-known and respected expert in the field of technology may bring confidence to Bitcoin and other cryptocurrencies.

On the other hand, if Satoshi Nakamoto is found to be associated with questionable characters or suspected illegal activities, this could negatively impact Bitcoin’s reputation. Cryptocurrency is already facing image issues due to its use in illegal transactions, and such a scenario can only worsen these issues.

Overall, if the identity of Satoshi Nakamoto becomes clear, this will have a significant impact on the entire crypto market, similar to how Bitcoin itself affects the overall market dynamics and other altcoins.