Coinbase: Exploring Bitcoin Inventor Satoshi Nakamoto Can Harm Cryptocurrency

If the identity of Bitcoin’s anonymous inventor – Satoshi Nakamoto – is revealed, the bitcoin and Ethereum markets could severely deteriorate, the cryptocurrency exchange Coinbase warned in its initial public offering (IPO) filing. The San Francisco, California-based company also stated in documents submitted to the US Security Exchange Commission that the mysterious inventor’s identity could adversely affect his business and significantly reduce the prices of bitcoin and Ethereum in the cryptocurrency market. Although there is no public information about the creator of bitcoin, the name Satoshi Nakamoto was used to refer to the person or group of individuals who had previously developed cryptocurrency, which was released back in 2010 in the Bitcoin whitepaper. .

Coinbase said in a stock exchange filing that the identity of Satoshi Nakamoto would have a direct impact on bitcoin and Ethereum. The company also acknowledges that in addition to the revelation of its identity, the transfer of bitcoin’s investor may affect the cryptocurrency market.

The reason for this is that Nakamoto is considered the owner of one million bitcoins out of a total of 21 million in the world. This could hit bitcoin in January with a benchmark hit of $ 1 trillion (about Rs 74,16,320 crore) to $ 40 billion (about Rs 2,96,700 crore). However, the identity of the creator is still a mystery.

Nakamoto’s anonymity helped Bitcoin and Ethereum create decentralized currencies in the worldwide economy. Thus, it was hypothesized that their identity could affect the nature of cryptocurrency and bring them under the protection of a single entity. This may discourage investors.

Coinbase’s IPO filing also underlined that negative perceptions of bitcoin and Ethereum may also affect cryptocurrencies and contract their value.

The document also mentions that “laws and regulations affecting the Bitcoin and Ethereum network or access to these networks, including a determination that Bitcoin or Ethereum is a security or other regulated financial instrument under the laws of any jurisdiction Constitutes “may also affect for markets. Cryptocurrency.

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