Cryptocurrency

$120 billion Bitcoin hiding lists Nakamoto’s Satoshi as No. 11

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Arkham Intelligence revealed that the creator of Bitcoin (known only as Satoshi Nakamoto) has about 1.96 million BTC. At today’s price, the hiding place is worth about $120 billion. According to Arkham, this made Nakamoto the 11th richest man on earth. His share adds up to 5.2% of all Bitcoins ever.

Satoshi’s Bitcoin Cache Growth

The mystery of these wallets has deepened since 2011, because they haven’t moved yet. When Bitcoin is still an edge experiment, they are still unaffected. Now these same addresses are towers in the treasury of many countries. Even small sales can reshape prices.

Bitcoin reaches new heights under price rallies

Bitcoin has recently soared to nearly $112,000 before returning $110,000. In November 2021, its previous high was close to $67,000. Today’s surge doubled that peak. This rapid climb has created a shock wave through encrypted veterans and new buyers.

Crypto and corporate giants

According to market data, the total value of Bitcoin is about $2.16 trillion. This figure puts Amazon’s market value at about $2.13 trillion. Now, investors list cryptocurrencies as one of the top five assets in the world. Still, Bitcoin is a decentralized token, and Amazon is a company. Some experts warn that this is not a neat comparison.

BTC is currently trading at $109,677. Chart: TradingView

Big players and market movement

Michael Saylor’s corporate strategy, which purchased 4,020 BTC between May 19 and 25, totaling 580,250 BTC. However, the strategy’s stocks fell 7% in previous market trading on May 26. The drop shows Wall Street can shrug and buy from large BTC.

Meanwhile, Robert Kiyosaki, author of “Rich Dod Dole Dad”, called Bitcoin “real money” and warned that fiat cash could lose control of trust. He pointed out Gresham’s laws and Metcalf’s laws to bring the case up.

The mystery surrounding the real identity of Satoshi Nakamoto deepens. Image: Kucoin.

Institutional interests are a factor. Another is the launch of Bitcoin ETFs in several markets. These funds allow big investors to buy Bitcoin without falling with their private keys. Even if retail buyers take a step back, this move raises demand.

Still, some in the cryptocurrency community are worried about silent wallets. No one really knows if Satoshi will move these coins. If he does, the price may swing. Even a sudden sell-off of a small piece (i.e. 100,000 BTC) can flood the market. At present, it is just the thought that puts traders on the edge.

Today’s numbers have attracted attention to how far Bitcoin goes. From a few cents per coin to over $110,000, it was a crazy journey. But a giant hiding held by an unknown creator adds new drama. At present, these coins are frozen in time. Like price fluctuations, this mystery is part of what makes people speak.

Featured images from Wexo, charts from TradingView

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