Coinbase cryptocurrency exchange has warned in its original public offering (IPO) films that the Bitcoin and Ethereum markets could collapse if the identity of the anonymous Bitcoin entrepreneur, Satoshi Nakamoto, is revealed. Recently, the price of bitcoin hit new full-time highs as the market value of bitcoin reached over $ 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 secret engineer could affect its business and lower Bitcoin and Ethereum prices in the cryptocurrency market.
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According to reports by Independent.co.uk, Nakamoto does not appear to be a Japanese and is believed to be around 1.1 million of the world’s 21 million potential bitcoins. It is also said to have a ‘socio-economic’ impact. The anonymous person published a white paper in 2008 entitled “Bitcoin: A Peer-to-Peer Electronic Money System”. Over the years, several attempts have been made to discover Satoshi’s true identity.
Read: Bitcoin is crossing the $ 50,000 mark for the first time ever
Musk, strongly supports the use of cryptocurrency
The rise in Bitcoin prices began earlier this month, Elon Musk announced that Tesla has acquired $ 1.5 billion worth of bitcoins in January. He also said he could accept bitcoins for future payments.
Musk has been a strong supporter of the use of cryptocurrency. He had previously shared a series of tweets promoting Dogecoin. Musk had tweeted, “The future of land money”. Elon Musk tweeted, “I set up a few Doge mining rigs with my kids. It was fun.” With this, dogecoin prices briefly burned up to $ 0.58990.
Read: Reddit user claims Tesla employee reveals he was lying in a Bitcoin investment post
This news led to further speculation that all major companies may add bitcoin or other cryptocurrencies to their balance sheets. There are various companies like Square Inc. and PayPal Holdings Inc. have already tested the exchange model. Nevertheless, with Apple Wallet, the iPhone retailer immediately leads the market with its capabilities. In addition, Apple is known for providing the best security and privacy services to its customers that would be an added benefit.
Read: Is Apple buying Bitcoin after Tesla invested $ 1.5 billion? Read To find out
Also read: Jack Dorsey and Jay Z announcing Bitcoin investment funds with a focus on India and Africa