Today is Oct. 8, which means that the long-awaited documentary "Money Electric: The Bitcoin Mystery" from HBO should soon be hitting viewers' screens. Despite the fact that few people knew anything about this film a week ago, the ambitious statements of the film's creators that the identity of Bitcoin creator Satoshi Nakamoto would finally be revealed have greatly fueled expectations.
Over the past few days, the attention and mental efforts of most crypto market participants have been focused on determining who will be nominated for the role of Satoshi in the movie, while creating meme coins and betting on the outcome on the Polymarket.
However, despite all the speculation and discussion, which is largely absurd and frivolous in nature, revealing who created Bitcoin may actually have a greater impact on the market.
"Patoshi wallets" are Bitcoin wallets linked to early mining by Satoshi Nakamoto, based on a unique mining pattern.
This pattern suggests Satoshi mined around 1 million BTC, none of which have been spent. The distinct pattern points to Satoshi’s use of optimized hardware.
Live…— Ki Young Ju (@ki_young_ju) October 8, 2024
After all, according to an old story circulating among crypto market participants, Satoshi Nakamoto's wallets may hold more than one million BTC, which is 4.76% of the total possible supply of the main cryptocurrency and is currently valued at more than $62.3 billion.
$62 billion burn
If HBO has proven who Satoshi Nakamoto is, and that person is no longer alive, and there are such individuals among the top contenders, it could literally mean burning at least one million BTC on live TV. Those coins simply will not be available to anyone.
No doubt this will have a resounding effect on Bitcoin itself and the entire crypto market. In many ways, however, expectations for solving the mystery of Satoshi Nakamoto are now rather low.