Despite Todd’s joking remarks like “I am Satoshi,” he has also consistently denied the claim, and recently did so again on social media. Meanwhile, Bitcoin traders like Bob Loukas predict an upcoming rally, as the cryptocurrency nears the explosive third year of its four-year cycle. Additionally, Marathon’s Anduro is launching Avant, which is a platform for tokenizing real-world assets on Bitcoin.
Peter Todd Denies Being Satoshi
HBO’s new documentary, Money Electric: The Bitcoin Mystery, stirred some controversy by suggesting that Canadian Bitcoin core developer Peter Todd might be the pseudonymous creator of Bitcoin, Satoshi Nakamoto. Producer Cullen Hoback claims that evidence gathered during the documentary points to Todd as the mastermind behind the world’s first cryptocurrency.
In the documentary’s finale, Hoback confronts Todd and Blockstream founder Adam Back. Todd responded to a direct question with: “Well yeah, I’m Satoshi Nakamoto.” However, this admission is very far from conclusive proof.
Todd is known for using the phrase ”I am Satoshi” as a defense of the real creator’s privacy. He also previously made light-hearted references to being Satoshi, including during a 2019 episode of the What Bitcoin Did podcast, where he told host Peter McCormack, “I am Satoshi, as is everyone else.” Despite the dramatic conclusion of the documentary, Todd has consistently denied the claim. After the release of the documentary, he once again dismissed the idea on social media by reiterating, “I am not Satoshi.”
Hoback’s reasoning for pointing the finger at Todd stems from a message in which Todd described himself as the “world’s leading expert on how to sacrifice your Bitcoins.” Hoback interpreted this as an admission that Todd potentially burned or destroyed access to Nakamoto’s estimated 1.1 million Bitcoin, which is now worth almost $70 billion.
Despite the documentary’s bold claim, many people in the crypto community are still a bit skeptical. Todd offered his own perspective on why Bitcoin’s creator might want to remain anonymous, and suggested that Nakamoto’s pseudonym allowed Bitcoin to be taken seriously by the public as the work of a credible cryptographer rather than an unknown individual.
What We Know About Satoshi Nakamoto
Satoshi Nakamoto is the mystery figure behind Bitcoin, and first emerged in the early stages of the cryptocurrency’s development when they reportedly worked on the software’s initial version in 2007. Throughout Nakamoto’s involvement, communication was conducted exclusively through email, and the identity behind the name is still a complete mystery due to the lack of personal details that were provided.
While Nakamoto wasn’t the first to conceptualize cryptocurrency, he was the one to solve a critical issue preventing its broader adoption—double-spending. Double-spending is the risk of digital currency being spent more than once, and it was addressed by Nakamoto through a peer-to-peer distributed timestamp server. This system generated computational proof of the chronological order of transactions, building on a proof-of-work method very similar to one that was designed by Adam Back.
Nakamoto’s direct involvement with Bitcoin came to an end in 2010, with the final known communication being an email sent to another developer, stating that they had “moved on to other things.” Since then, Nakamoto’s true identity fueled ongoing speculation, especially as cryptocurrencies have grown in popularity, value, and influence.
Bitcoin Poised for Explosive Rally
Despite the fact that Satohi’s possible identity is causing a stir, things are still looking good for Bitcoin’s price. Independent trader Bob Loukas pointed out that Bitcoin’s price is consolidating below its 2021 all-time high of $69,000, and suggests it is entering an explosive phase of its four-year cycle.
Loukas uses this cycle to predict tops and bottoms in the Bitcoin market, and believes the cryptocurrency is nearing a period of major upward momentum. In an Oct. 8 post, he shared that Bitcoin will soon close the second year of its cycle and enter the historically explosive third year. He sees the current market as one of accumulation, with Bitcoin moving in a descending broadening wedge pattern after its drop from an all-time high of $73,835 in March. Loukas anticipates that Bitcoin could very soon enter a parabolic uptrend, which could also be supported by shifting investor sentiment and potential interest rate cuts.
Loukas’s analysis came during a time of market uncertainty that is mostly driven by geopolitical tensions, the upcoming US presidential election, and concerns about the health of the US economy. He believes that a strong base has formed over the past eight months, resetting market sentiment. For bulls to gain momentum again, October’s monthly candlestick will need to close above the upper trendline of the broadening wedge pattern, signaling entry into the third year of Bitcoin’s four-year cycle.
Adding to the optimism, analysts at blockchain analytics firm Santiment also noticed increased investor interest in Bitcoin during the fourth quarter. They specifically pointed out the growing institutional demand, particularly with the anticipated approval of more spot Bitcoin ETFs. If speculative buying continues, it could lead to a big price bounce.
With rising institutional demand and net inflows returning to US-based spot Bitcoin ETFs, Bitcoin is expected to follow the positive Q4 narrative and continue its upward trajectory that is in line with its four-year cycle.
Whale Activity Also Sparks Bullish Hopes for Bitcoin Rally
Bitcoin is still hovering around the $62,000 to $63,000 range, and is struggling to surpass the $64,000 resistance level. However, recent whale activity suggests that bullish momentum may be building. Earlier today, on-chain tracking service Lookonchain reported a very large Bitcoin purchase by a whale who withdrew 250 BTC from Binance, which is worth approximately $15.6 million at the current price.
This purchase is especially interesting as the whale was inactive for about six months. Between March and April, the same investor accumulated 10,158 BTC at an average price of $67,026, totaling roughly $681 million in value. With today’s transaction, the whale’s total holdings now amount to 10,408 BTC, which is estimated to be worth around $696 million.
Despite this large holding, the whale is currently facing a loss of approximately $46 million based on Bitcoin’s current price. Nonetheless, the whale has made it a priority to hold the coins, which indicates they have a bullish outlook on Bitcoin’s long-term prospects. This kind of behavior is very often seen as a positive signal for the broader market. It can also encourage other investors to stay more patient, and could potentially generate a more optimistic sentiment in the community, which might lead to a boost in Bitcoin’s price in the near future.
Marathon’s Anduro Brings Real-World Assets to Bitcoin
Meanwhile, multichain layer-2 network Anduro, which is incubated by mining firm Marathon Digital Holdings, developed a platform called Avant for issuing and investing in real-world assets (RWAs) on Bitcoin. In collaboration with tokenization specialist Vertalo, Anduro plans to launch a pilot project to tokenize whiskey barrels.
Tokenization involves creating digital representations of real-world assets that can be traded on a blockchain. With tokenized Treasury notes on Ethereum and Solana surpassing a market cap of $2 billion, this new platform could expand the application of tokenization into the Bitcoin ecosystem.
Vertalo’s co-founder, Dave Hendricks, believes that the partnership with Anduro will provide confidence in Bitcoin’s blockchain durability, extending its utility beyond just BTC and into RWAs. While tokenization is traditionally associated with blockchains like Ethereum and Solana, Bitcoin recently started to explore its potential in this space through developments that enable smart contracts and token minting.
Anduro’s product lead Jullian Duran explained that Avant wants to offer a unique Bitcoin-centric approach to RWAs rather than replicating Ethereum and Solana’s tokenization strategies. Anduro is focusing on industries like American whiskey, which are easily recognizable and valuable. Duran also shared that there is no intention to create direct competitors to already existing platforms like Ondo Finance that already offer tokenized Treasury bills.
This article was originally Posted on Coinpaper.com
