Has the Real Name of Bitcoin’s Creator Been Revealed? – Market Info
The last two weeks show that the market capitalisation of the cryptocurrency market has remained relatively stable at around €1.9 trillion. After a slight increase at the beginning of the period, there has subsequently been a levelling off and stabilisation without any major fluctuations, indicating a quieter period within the market.
The HBO Documentary Referred to P. Todd as Satoshi
Satoshi Nakamoto, the anonymous creator of Bitcoin, has successfully kept his identity hidden since 2008, when he published a Bitcoin white paper. Bitcoin has since become a $1.2 trillion asset, and Nakamoto’s Bitcoin could be worth nearly $70 billion if he still controlled 1.1 million Bitcoins on several wallets.
Cullen Hoback, a documentary filmmaker for HBO, recently identified Canadian Bitcoin developer Peter Todd as the real identity of Nakamoto. Todd became involved in Bitcoin development back in 2010. Hoback put forward his theory in the documentary “Money Electric: The Bitcoin Mystery,” stating that Todd may have used the name Satoshi to give Bitcoin credibility.
Hoback’s theory is based on a chat message written by Todd, where he described himself as “the biggest expert on Bitcoin sacrifice.” Hoback interpreted this message as an admission that Todd had destroyed access to 1.1 million Bitcoins. Todd denies these claims and calls them absurd.
Before the premiere of the documentary, clips were leaked online and spread on the social network X. Todd subsequently claimed he was not Satoshi Nakamoto and accused Hoback of “looking for evidence in the wrong places.”
Todd began contributing to Bitcoin’s development in 2012 and describes himself as a “cryptochronomancer.” During the so-called “blocksize war” between 2015 and 2017, Todd sided with the “small blocks,” which wanted to preserve Bitcoin’s 1 MB limit. That side eventually prevailed, with those who wanted to increase the block size creating a new cryptocurrency fork called Bitcoin Cash.
Todd also founded OpenTimestamps, a blockchain timestamp project. He has worked on various Bitcoin 2.0 projects, such as Counterparty and Mastercoin, and was involved in the launch of the cryptocurrency Zcash in 2016 with Edward Snowden. Source
Crypto.com Sues SEC
Cryptocurrency exchange Crypto.com has decided to sue the U.S. Securities and Exchange Commission (SEC) to protect the future of the country’s crypto industry. Crypto.com’s CEO, Kris Marszalek, announced on October 8th 2024 on the X network that the company has filed a lawsuit against the SEC.
Marszalek said the action is in response to the SEC’s approach to regulation through enforcement, which he said has harmed more than 50 million cryptocurrency holders. With this move, the company joins other entities seeking to defend themselves against the federal agency’s unreasonable practices.
Crypto.com has also filed an application with the US Commodity Futures Trading Commission (CFTC) and the SEC to confirm the categorization of cryptocurrency derivatives. The move followed after the exchange received a notice called a “Wells notice” from the SEC, signalling possible legal action.
According to Crypto.com, this move by the SEC shows that unauthorized regulation of cryptocurrencies in the US continues despite indications that a future administration may take a more constructive approach. Crypto.com argues that the SEC is improperly expanding its jurisdiction and has created an illegal rule that treats almost all traded cryptocurrency assets as securities.
Despite the current issues, Crypto.com reports that everything is continuing as usual on the platform. The company has also requested a joint interpretation from the CFTC and SEC to confirm that certain cryptocurrency derivatives are regulated exclusively by the CFTC. Under the rules, the agencies must either issue an approved interpretation or provide reasons for denial within 120 days. Source
Investors Prefer Regular Buying to One-off Investing
According to a survey by cryptocurrency exchange Kraken, the majority of investors prefer a regular investment strategy known as DCA (Dollar-Cost Averaging). A survey released by Kraken on October 7th 2024 showed that approximately 83.5% of investors have used this strategy and 59% still consider it the main method of buying cryptocurrencies.
DCA involves regular purchases of an asset regardless of its price, which Kraken researchers say can reduce the impact of short-term price fluctuations and remove emotions that can influence decision-making. More than 46% of respondents identified protection from volatility as the biggest benefit of DCA, while a third said the strategy encourages consistent investment habits.
The importance of DCA varies by income: those with incomes below $50,000 consider consistent investing to be the greatest benefit, while those with higher incomes (above $50,000) emphasize reducing the impact of volatility.
Still, only 8% of respondents maintained this strategy during losses, with the researchers noting that investors with other strategies were more likely to hold on during market turbulence. The survey also showed that the higher the income, the more confident investors were in sticking to an investment plan – 63% of respondents with incomes over $100,000 said they had a very strong ability to stick to a plan. Source
Our experts have discussed regular shopping strategies before and have prepared an article for you, which you can read here.
ECB Questions the Role of Stablecoins
The European Central Bank (ECB) has published a study that questions the role of stablecoins as a safe haven from shocks in cryptocurrency and traditional markets. The study, entitled “Stablecoins, Money Market Funds, and Monetary Policy”, examines the responses of stablecoins and money market funds to various market shocks.
The results showed that shocks to the cryptocurrency market had little impact on stablecoins, while money market funds saw their market capitalisation fall by up to 4% after such a shock. Conversely, monetary tightening in the US had a larger impact, but in the opposite way. Money market funds benefited from this measure, while bank deposits declined. Stablecoins, however, experienced a decline under these monetary policy shocks, which was even more pronounced than under the cryptocurrency market shocks.
The capitalization of stablecoins, such as Tether’s USDT and Circle’s USDC, has declined by as much as 10% as a result of these policy changes. The authors therefore conclude that “the role of stablecoins as a safe haven cryptocurrency is questionable and does not incorporate shocks to the cryptocurrency or traditional financial markets” as investors shift their investments into more traditional assets when monetary policy changes.
The study also criticized claims of the uncorrelated nature of these assets, stating that “the dollar’s monetary policy serves as the main link between traditional and cryptocurrency markets.” Source
Investment in Tokenized Real-World Assets (RWA) to Be Introduced in the UK
A partnership between the digital securities distribution platform Assetera and the Archax securities exchange, which is regulated by the UK Financial Conduct Authority, will enable investors to access tokenized real-world assets in the UK, the European Union, and the EEA.
This collaboration aims to address challenges in the tokenized real-world assets market, such as regulatory uncertainties, low liquidity, and technological complexity. Assetera’s platform will initially offer access to tokenized money market funds from Abrdn, which manages £506 billion in assets. More funds are expected to follow.
This partnership allows access to digital assets through the Assetera platform, including funds and structured products, both for primary issuance and trading on the secondary market. Nick Donovan, Chief Revenue Officer of Archax, stated that this collaboration takes the distribution of digital assets in the EU/EEA to a new level and supports the adoption of tokenized assets in Europe.
Labenbacher also added that the firms plan to collaborate on building relationships with fund companies and adding more tokenized funds to the Assetera platform. Source
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