Something happened recently that no one else could explain. Satoshi Nakamoto’s Genesis wallet — the first wallet ever to hold Bitcoin — just received a bunch more Bitcoin!
A mysterious user went on Binance and bought $1.17 million worth of Bitcoin, and sent it to Satoshi Nakamoto’s wallet — the wallet that has not been touched since the very beginning. And rumors are circulating that the developer behind Bitcoin is back, as his wallet has just received 26.917 Bitcoin.
Is this a mistake? Is it really Satoshi Nakamoto shopping on Binance and sending this large amount of money? Let’s discuss!
Read: Satoshi Nakamoto Resurfaces: What Could Be Its Implications For Bitcoin
Possible Reasons
A transaction of $1 million is not a small send, so there are three possible reasons for this:
- Satoshi Nakamoto himself woke up and decided to buy more Bitcoin.
- Someone just decided to burn it because they have too much money and they just want to bring more attention to Bitcoin.
- The sender accidentally sent it to the wrong address.
Why It Is Not Satoshi Nakamoto
The reason behind why the sender is not Satoshi Nakamoto is because, to withdraw that much amount of money from Binance, you have to go through some Know Your Customer (KYC) processes — clear and simple.
Some even speculate it is a marketing scheme for the Bitcoin spot ETFs, or it was just a million dollar mistake, in which I do not think it is a mistake to send it to that particular wallet.
I think it could be someone who wants to make sure that Bitcoin spot ETF applicants such as BlackRock, cannot get their hands on that Bitcoin. The sender might want to make sure he/she can deduct the possibility of investment firms obtaining that Bitcoin as best as possible — in addition to contributing to the scarcity of the cryptocurrency.
Read: Too Much Success Of Spot Bitcoin ETFs Is Bad For Bitcoin
Is This Generally Good Or Bad?
Let us pretend Satoshi Nakamoto is not an important person other than a whale. When you see money flow off from an exchange and be put into a private wallet, that is the thought process of someone who is saying the price is about to go up or is not even considering selling.
But the biggest news here does not have anything to do with the price, it has to do with who Satoshi Nakamoto really is, and could this information help us find out more of that detail. The other thing is that anybody can send crypto to any address — if you know what the address is. So people send money to Satoshi Nakamoto all the time, it is just never this much money.
Final Thoughts
If it was indeed a mistake, then that is the cost of admission for the education in crypto. Oftentimes we have to double or even triple check those transactions, and make sure you send a small amount first to an address you have not made a transaction to yet.
There is not a whole lot of information outside of what I can show, but my guess is that this is probably a co-opted move by a group of crypto folks who are probably around in the neighborhood, wherein if they were to pool their money that they can afford to lose in exchange for a laugh or for an angle on some kind of story that is going to be able to propel in the coming days.