It’s been an interesting past few weeks for Bitcoin.
First, there was the halving. Then an early miner from 2009 initially believed to be Satoshi Nakamoto moved 50 Bitcoin, 10 of which were distributed amongst wallets, one of which purportedly belongs to Coinbase.
Most recently, another early Bitcoin miner from 2009/2010 with access to tens of millions worth of BTC signed a transaction indicating that he is still around.
Some say that these events are a bad thing because they show that old holders that were believed to have lost their Bitcoin are still around. Assuming these holders are looking to sell BTC, this potentially increases the market supply of BTC, thus depressing the equilibrium price should market demand stay constant.
Though one top cryptocurrency investor that the recent activity is actually a positive sign.
Why This Is Bullish for Bitcoin
The owner of the tens of millions worth of Bitcoin signed the following message with his private key:
“Craig Steven Wright is a liar and a fraud. He doesn’t have the keys used to sign this message. The Lightning Network is a significant achievement. However, we need to continue work on improving on-chain capacity. Unfortunately, the solution is not to just change a constant in the code or to allow powerful participants to force out others. We are all Satoshi.”
Su Zhu, CIO of crypto and foreign exchange fund Three Arrows Capital, believes that it is actually a bullish message for BTC, referencing the middle part of the message, “The Lightning Network is a significant achievement.”
“It’s actually bullish because it means a miner of BTC since the earliest days still believes strongly in the Bitcoin roadmap and direction of the protocol,” Su Zhu wrote.