As we reported on Friday, the cryptocurrency saw a fall in its value and instead of moving gradually towards the $500 mark, it went below $450. We can expect high volatility in the following couple of days and it could go either way.
Today is a very important day for Bitcoin and one of the greatest mysteries concerning this most popular cryptocurrency seems to have been solved. Namely, it has been reported that the identity of the Bitcoin creator has been finally revealed. It is a really major story and it has been covered in all major conventional and internet media today.
Australian Craig Wright is the creator of Bitcoin
Numerous journalists working in various media outlets have so far released dozens even hundreds of pieces on the true identity of the Bitcoin creator. A range of different people have been named as Bitcoin’s creators and the speculations never ceased to entertain the public, especially people that are part of the Bitcoin community.
Craig Wright has publicly announced that he is the person behind the pseudonym Satoshi Nakamoto. Wright is an Australian entrepreneur whose work was crucial for the creation of Bitcoin. He worked on developing the cryptocurrency in 2008 and 2009. Wright has not only claimed that he is the creator, he has backed up his claims by providing technical proof to The Economist and several other media.
Even though the evidence itself hasn’t been made public, it is believed that the information provided to the media is conclusive proof that Wright indeed is Satoshi Nakamoto. One of the founding directors of the Bitcoin Foundation said that he is more than certain that Wright is Nakamoto based on cryptographic, social and technical evidence provided by the Australian.
Wright said that revealing his true identity was not something he intended. He was challenged to do so by some of the reports published in 2015 who identified him as one of the possible creators of Bitcoin. He wanted to make things clear. Wright is believed to own about a million Bitcoins, which would make his total net worth about $440-450 million, judging by the current Bitcoin price.
Period of High Volatility, Fluctuations Expected
In other news, it has been reported that Isle of Man might change its regulations and thus become a lot more Bitcoin-gambling friendly. In terms of price, we’ve entered a period of high volatility. Today began with a price that was floating around the $450 margin, but we soon witnessed a step decrease to about $440, before the price started to rise again, reaching $442.
The market cap fell below $6,8 billion and the traded volume in the past 24 hours was around $56,700,000. Due to the high volatility of almost 20% we can’t expect price stabilisation, although a rapid decrease or increase is not very likely to happen during the following few days.
Experts aren’t sure how the revealed identity of Bitcoin’s creator might influence prices, although they are certain that it could make an impact. Bearing in mind the amount of Bitcoins he owns, Wright may certainly influence the price. Furthermore, now that we know that he is an Australian citizen, the way Australia treats Bitcoins will certainly have an impact on price movement and stability. The Australian Tax Authorities have been silent on the issue so far.