The crypto expert strategist warned investors about the importance of tracking Nakamoto’s BTC fortune, because if the dormant bitcoins start moving, it is likely not the doing of the anonymous Bitcoin creator.
“Therefore, a quantum computer, its first target, its juiciest target, it’s easiest to attack target is the Satoshi stash. How do we know if a quantum computer exists that can break ECDSA (elliptic curve digital algorithm). Simple, Satoshi’s coins start moving, and in fact at some point after a decade or so it might actually be the more likely explanation.
“So you see the coins moving and you’re like ‘Did Satoshi come back from the dead?’ or ‘Did a quantum computer emerge that can break [ECDSA keys]?’ As the years go by, I start leaning more towards, ‘Okay, it appears a quantum computer has emerged that can do this,’ but I think we’re still a decade away from that,” Antonopoulos said.
About Satoshi Nakamoto
Bitcoin was created in 2008 by an unidentified individual or group using the name Satoshi Nakamoto. The source code was released as an open-source code, and the digital coin or BTC is created as a reward for a process known as mining.
However, the movement of Satoshi Nakamoto’s Bitcoin fortune wouldn’t lead to the downfall of the Bitcoin, says Antonopoulos.
“It would cause a massive amount of volatility in the space by injecting an enormous amount of liquidity on the supply side of Bitcoin, but it would also once and for all resolve the question… This is characteristic of markets which are, ‘Sell the rumor, buy the fact…’
“If something starts happening that is unexpected, the market reacts badly, but as soon as that becomes expected, you get the opposite reaction. The markets go, ‘Oh well, I guess Satoshi’s coins moved. Bitcoin didn’t die completely, its price dipped.’ Well, now Bitcoin at whatever price it’s priced in now is a Bitcoin in which Satoshi’s coins have moved and are therefore part of the supply and priced in. Therefore, its future is now certain. That is no longer hanging over it…”
At the time of writing, Bitcoin is trading at $23,200 with a daily trading volume of $44.9 billion. Bitcoin is up 4.35% in the last day.