All the latest news surrounding Bitcoin and related developments with Florin21 via the 21 Roundup.
Craig Wright is Not Satoshi
The UK High Court decides Craig Wright, an Australian computer scientist who claimed to be Bitcoin’s creator is not Satoshi Nakamoto. The Crypto Open Patent Alliance (COPA), a non-profit organization, filed the lawsuit against Wright.
“Dr Wright has consistently failed to supply genuine proof of his claim to be Satoshi: instead, he has repeatedly proffered documents which bear clear signs of having been doctored,” Jonathan Hough KC, told the court.
According to a court transcript, the judge said: “Having considered all the evidence and submissions presented to me in this trial, I’ve reached the conclusion that the evidence is overwhelming.”
He went on to say: “I will make certain declarations which I am satisfied are useful and are necessary to do justice between the parties. First, that Dr Wright is not the author of the Bitcoin White Paper. Second, Dr Wright is not the person who adopted or operated under the pseudonym Satoshi Nakamoto in the period 2008 to 2011. Third, Dr Wright is not the person who created the Bitcoin System. And, fourth, he is not the author of the initial versions of the Bitcoin software. Any further relief will be dealt with in my written judgment. I will extend time for filing any appellant’s notice until 21 days after the form of order hearing, which will be appointed following the hand down of my written judgment and I ask the parties to seek to agree an order giving effect to what I have just stated.”
The court’s decision raises questions about the potential consequences for Dr. Wright’s claims of being Satoshi Nakamoto.
Hopefully, this trial will discourage future attempts to identify Satoshi. We should never forget that Satoshi Nakamoto demonstrably walked away from a significant amount of Bitcoin, prioritizing the project’s success over personal gain. Security researcher Jameson Lopp sums it up perfectly:
“Satoshi shouldn’t be a man.
Satoshi should be a myth, an idea.
Because unlike men, ideas are bulletproof.”
Bitcoin has surpassed Gold in investors portfolio
JPMorgan analysts say that Bitcoin holds a bigger share of investor portfolios than gold, even when you account for Bitcoin’s higher volatility. They found that Bitcoin’s allocation is 3.7 times greater than gold’s.
They point to a net inflow of $9 billion into Bitcoin ETFs since their launch, despite outflows from Grayscale. This suggests a potential Bitcoin ETF market size of $62 billion, using gold as a benchmark.
Bitcoin has emerged as a contender in the long-term store of value category. However, it’s crucial to remember that Bitcoin ETFs are not intended for short-term trading. Investors typically hold them for extended periods, ranging from five to ten years or even longer.
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El Salvador continues to buy 1 Bitcoin per day
El Salvador became the first country to purchase Bitcoin as a treasury asset and make it legal tender by law. This week they moved $400 million worth of Bitcoin into a cold wallet, according to its President, Nayib Bukele.
Bukele referred to the new setup as “our first #Bitcoin piggy bank.” El Salvador stored the cold wallet “in a physical vault within our national territory,” he said. Bukele included a photo of a wallet that held 5,689.68 BTC, worth $411 million at Thursday’s prices.
Back in November 2022, Bukele tweeted that El Salvador would be buying 1 Bitcoin every day. This week he followed up with an update that stated they “would continue doing so until Bitcoin becomes unaffordable with fiat currencies“. No nation-state has shown such unwavering conviction.
A Bitcoin treasury of that size places El Salvador’s holdings far higher than previously believed. The revelation represents the first time that Bukele has tied his nation’s holdings to a specific address. This move sets a new precedent for openness and transparency. El Salvador storing their Bitcoin in an offline cold wallet shows that the President understands the risks of leaving such amounts online with an exchange.
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