Coinbase says entire crypto market could be destabilized if Satoshi Nakamoto is unmasked

Cryptocurrency exchange Coinbase has warned in its initial public offering (IPO) filings that Bitcoin and Ethereum markets could deteriorate if the identity of Bitcoin's anonymous inventor, Satoshi Nakamoto, is revealed. Recently, the price of a bitcoin hit new all-time highs as the market value of bitcoin reached above $1 trillion. Bitcoin is a cryptocurrency that was started in 2009 by an unknown person or group of people using the name Satoshi Nakamoto. Coinbase also noted that the identification of the mysterious inventor could affect its business and drop the prices of Bitcoin and Ethereum in the cryptocurrency market.

Speculations 

According to reports by Independent.co.uk, Nakamoto is unlikely to be Japanese and is believed to hold around 1.1 million of the 21 million bitcoin that could exist in the world. Also, his existence is said to have a ‘socio-economic’ impact. The anonymous person published a 2008 white paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System". Over all these years, there have been several futile efforts to discover Satoshi's true identity.  

Read: Bitcoin Crosses $50,000 Mark For The First Time Ever

Musk, a staunch supporter of cryptocurrency use

The hike in Bitcoin’s prices started when earlier this month, Elon Musk announced that Tesla has acquired $1.5 billion worth of bitcoins in January. He further said that it could accept bitcoins for payments in the future.  

Musk has been a staunch supporter of cryptocurrency use. He had previously shared a series of tweets promoting Dogecoin. Musk had tweeted, "The future currency of earth". Elon Musk tweeted, "I just set up some little Doge mining rigs with my kids. It was fun." With this, dogecoin's prices briefly shot up to $0.58990.

Read: Reddit User Claiming To Be Tesla Employee Reveals He Lied In Bitcoin Investment Post

This news led to further speculation that all the big companies may soon add bitcoin or other cryptocurrencies to their balance sheets. Various companies like Square Inc. and PayPal Holdings Inc. have already validated the exchange model. Nevertheless, with Apple Wallet, the iPhone seller will immediately lead the market with its potential. Moreover, Apple is known for providing the best possible security and privacy services to its customers which would be an added bonus.

Read: Is Apple Buying Bitcoin After Tesla Invested $1.5 Billion? Read To Find Out

Also Read: Jack Dorsey And Jay Z Announce Bitcoin Investment Fund With Focus On India And Africa