Bitcoin (BTC) is currently trading at under $47,000, and the self-proclaimed inventor of Bitcoin says his invention has no utility so he plans to sale his supply.
Craig Wright is considered one of the major whales of Bitcoin because he owns such a large supply, around 1.1 million Bitcoin. A whale, if you are not familiar with the lingo, is someone who owns a significant supply of Bitcoin where their sales and purchases can move the Bitcoin market up or down.
He was awarded this Bitcoin as a result of a legal battle he had won in 2021.
Craig Wright and a man named David Kleiman had a business partnership of some kind but whether it was related to the creation of Bitcoin was the question. Back in April of 2013, Kleiman passed away. Kleiman’ s family claims that Kleiman and Wright were very close friends and had co-created Bitcoin through a partnership. Kleiman‘s estate sued Wright for half of the bitcoin as well as some other intellectual property rights. A Florida jury determined that Wright did not owe half of the 1.1 million in bitcoin to Kleiman’s estate.
Craig Wright believes this case was about the creation of Bitcoin. And because he won this lawsuit and was awarded all the Bitcoin, this proves he is Satoshi Nakamoto.
Craig Wright’s 1.1. Million Bitcoin is worth around 50 billion in dollars. A sale of this amount would probably drive the price of Bitcoin down but also be an opportunity for new whales or mini-whales to get in the game at a lower price point.
In an interview on Kitco with David Lin, Craig Wright responded to the concerns that his sell off would crash the Bitcoin market driving prices significantly lower than they are now.
In a May 2020 Slack post, Craig Wright said he planned, “to sell a large volume of BTC for USD.”
When David Lin questioned Craig Wright about his sell-off intentions, Wright admitted that he does plan to sell further explaining, “if you’re talking about BTC, then yes, I’ll eventually sell it, because it has no utility.” Craig Wright also wanted to make it clear the only social media account that is him speaking is on Slack; his twitter is run by staff. He says any other social media account with his name is not him.
David Lin questioned Wright on how he came up with the Satoshi Nakamoto name and Wright responded, “my grandfather and myself were very heavily into Japanese culture and he had friends who were Japanese as well; my grandfather was under McArthur in the Philippines back in World War One, I’m sorry World War Two and as part of all of that he had a lot of integration with the Japanese; he spoke a very good Tuscan dialect and went over there as part of McArthur’s team pretending to be Italian…interacting daily with a lot of Japanese people preparing for McArthur’s return.” Wright further indicated that Nakamoto is a Japanese equivalent to an Adam Smith.
Craig Wright boasted about his work on project Bitcoin Satoshi Vision (BSV) which he says does have value, and “is more secure, faster, able to handle everything that Amazon does, and better.” According to Wright , BSV is the original protocol launched in 2009 referenced in the Bitcoin white paper and BSV is not a hard fork of BTC. Wright says Bitcoin doesn’t fork and is not a community project.
David Lin asked Craig Wright why BSV doesn’t trade like other large cyrptos like BTC, Ethereum, and Craig Wright responded, “because the criminals doesn’t like us.” BSV is currently trading at under $100.
Craig Wright further took the chance in his interview with David Lin to criticize the crypto market in general, saying that it isn’t even a market but “a number of bucket shop exchanges…none of them are regulated, none of them are legal, even Coinbase.”
Wright considers the term “crypto” to be a misnomer since “there’s no encryption in Bitcoin.” Wright claims, that “when [he] designed it, it was clear text, it was actually designed not to be crytpo, Mojo nation, ecash, they were actually cryptographic protocols. Bitcoin is digital cash, so its anti-crypto.”
Vitalik Butering, Ethereum’s creator, calls Wright a scammer. Butering accused Wright in June 2021 that he was lying that he was the anonymous founder Satoshi. Butering further dared Wright to sue him if he was lying.
In a federal suit, however, Wright was forced to pay $43 million to a joint venture he co-created because he illegally took intellectual property belonging to the venture. Wright says this venture is partially owned by his ex-wife, so is basically a payment he will eventually have to make to his former wife.
Whether Craig Wright is Satoshi or not, if he sells his 1.1 million Bitcoin it will definitely have a decreasing impact on the value of the market. And this decreased value could be a detriment to some and an opportunity to others.
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La Shon Y. Fleming Bruce a/k/a SHONSPEAKS is a blogger, speaker, certified brain health specialist, and lead creator of freeyourthinkingmind.com. I am also a lawyer and managing member of The Fleming-Bruce Law Firm, P.L.L.C. If you want to check out more of my writings that may not be released on this site, go over to my website at freeyourthinkingmind.com
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