It is believed that bitcoin founder Satoshi Nakamoto who remains elusive owns about 1 million coins. However, a study by Bitmex Research indicates that the figure might be lower but remains huge.
Crypto enthusiasts have been guessing the real bitcoin figures owned by Satoshi. If he owns 1 million bitcoins, it means that he holds about 5% of all coins in supply. The figure was first fronted by Sergion Lerner back in 2013.
According to Lerner, the figure arrived after he highlighted an entity that owned 1 million BTC. Additionally, among all players, the entity was the only one that had full trust in bitcoin.
This week, Bitmex released a research on the number of bitcoins owned by Satoshi. They heavily relied on the 2013 post. The report, however, downgraded Satoshi’s holdings by 30%. It is estimated that he owns around 600, 000 or 700, 000 bitcoins.
Just like 2013, the holder has been active since 2009 when bitcoin was born. The evidence available indicates that Satoshi might have collected less than 1 million bitcoins.
Bitmex is known for excellence in research, however, from their study, it remains difficult to arrive at Satoshi’s actual holdings. Even the loss of 300,000 bitcoins sounds immaterial since he has about $2 billion in the coins.
The coin supply in the market is hugely affected by ownership of 1 million bitcoins by early users. It is believed that Satoshi’s coin will not move significantly since they are constant when issued as a coinbase reward.
Satoshi's coins might not have been lost by mistake, considering that chances of him being dead or imprisoned are low. Bitmex highlights Satoshi’s comments where he affirmed that there was no need of deleting a wallet, but rather relocate it.
Since hitting the market, Satoshi adopted the policy of not spending his coins. The move is believed to be deliberate considering that bitcoin has been rising in value since then. If the bitcoins held by Satoshi moves, the market is expected to experience panic. To date, the stagnant coins remain as one of the mysteries left behind by Satoshi.
Here's what the Bitmex guys think about this:
"Although there is strong evidence of a dominant miner in 2009, we think the evidence is far less robust than many have assumed. Even if one is convinced, the proof of the claim, that the dominant miner may have been created significantly less than a million bitcoins in our view. Perhaps 600,000 to 700,000 bitcoin is a better estimate. "
And yet it is interesting how many of the coins belong to Satoshi and who is he? Express your comments and we will be grateful!