The success of Satoshi Nakamoto’s project, which has still retained its anonymity, is undeniable. Over the past decade, Bitcoin has gone from being a craze in a narrow circle of cryptographers to a full-fledged new asset class held by famous funds in their portfolios.
Because of this, now Nakamoto and his creation are receiving recognition even from government agencies. On the eve of the creator of Bitcoin was mentioned in the official publication of the US Legislature of Louisiana. Let’s talk about the situation in more detail.
Recall that the identity of the creator of Bitcoin is really unknown. Thus, the cryptocurrency developer, known under the pseudonym Satoshi Nakamoto, wanted to separate from his own project and make it truly decentralized.
This gave rise to a huge amount of speculation about the real identity of the developer: there are about ten of them. However, since Satoshi has not been revealed in more than twelve years since the launch of the BTC network, he is unlikely to ever do so.
And this adds value to Bitcoin, because there is no way to influence the project due to pressure or something like that on the developer.
Bitcoin at the top of popularity
Here is a quote from a publication on the official website of the state legislature, in which its representatives noted the potential of the cryptocurrency and its past achievements. The replica is given by Cointelegraph.
The Louisiana House of Representatives hereby expresses its appreciation to Satoshi Nakamoto for his contribution to economic security.
The confession to Bitcoin’s anonymous creator Satoshi Nakamoto was released after the document noted BTC for its success in terms of adoption and market capitalization. The first lines of the ruling read as follows.
To celebrate Bitcoin for its success in becoming the first trillion dollar decentralized asset, and to encourage state and local governments to consider ways that can help them benefit from wider use of this new technology.
That is, officials expect to use Bitcoin more actively. Most likely, in this case, we are talking about investing part of the city’s reserves in cryptocurrency, and this version does not seem fantastic. For example, in February 2021, the mayor of Miami, Francis Suarez, actively discussed the transfer of financial reserves to BTC. More information about his point of view can be found in a separate article.
The document also describes a number of details related to cryptocurrency. Among other things, it is noted, among other things, its prevalence, decentralization and use in real areas of life. In the publication, the asset was even called a sane alternative to gold, which many investors still consider a necessary asset in their portfolio.
Bitcoin, which can potentially replace gold as a reserve of money, is limited by a shortage, as the maximum number of coins allowed for mining is only 21 million bitcoins.
Indeed, according to the rules in the cryptocurrency code, there will be no more than 21 million bitcoins in the world. However, after the extraction of the last of them – which will happen approximately in 2140 – nothing terrible will happen. We discussed this scenario in a detailed article.
Such «courtesies» to Bitcoin are just the beginning, venture investor Tim Draper is sure. During his speech at the Collision Web Summit, he stated that cryptocurrency could encourage governments around the world to compete for the attention, loyalty and money of their citizens. That is, Bitcoin allegedly «levels the rules of the game» – legislators have to listen to the point of view of those who actively invest in crypto. Here is a quote from him.
People are already realizing that they would prefer Bitcoin over regular currency. Bitcoin contributes to the development of the world economy from a financial point of view, because it is a global currency, it does not care where the borders are. He is not tied to a particular nationality.
Accordingly, Draper has no doubts about the prospects for cryptocurrency. He adheres to a similar position since 2011, when he got acquainted with Bitcoin. He acquired most of the cryptocurrency during the sale of assets of the Mt. Gox from the United States Marshal Service. Then Draper bought 29,656 BTC for $ 18.74 million, that is, the price of one bitcoin for him was $ 632.
We believe that the recognition of Satoshi Nakamoto’s merits by government authorities will have a positive impact on financial regulators who plan to develop more accurate methods of controlling the crypto market. Now it is obvious that getting rid of decentralized assets based on blockchains will not work, so it is better to use them to your advantage. Representatives of Tesla and other giants have already realized this, so the next turn to do the same has come for the rest of the world.