Craig Wrights says he $50 billion worth of BTC
In a recent interview with Kitco's David Lin, Craig Wright, a self-proclaimed Satoshi Nakomoto, has threatened to sell 1 million BTC. At the time of this writing, that BTC amount was equal to 50 Billion USD.
The self-proclaimed Satoshi Nakamoto's post on Slack in May 2020 raised concerns over what he might do with his large supply. In the post, he said he planned "to sell a large volume of BTC for USD," saying that:
"It is expected that the value will drop significantly and will be matched by a 10x leveraged short."
The article was perceived as a threat by several people, notably the section where he states his plan to execute a 51% attack on the Bitcoin network at the same time.
In such a circumstance, an individual or group takes control of the network, allowing them to block and reverse transactions. Still, Wright has not launched the attack or sold off, which suggests he may have changed his mind.
Bitcoin may still experience a sell-off
Wright acknowledged selling his Bitcoin supply in the future, but in due course, in response to a host's question regarding his intentions:
"If you're talking about BTC, then yes, I'll eventually sell it, because it has no utility."
According to him, BTC will never evolve and can only scale. At the same time, he touted his work on the Bitcoin Satoshi Vision (BSV) project as something "that has value, that is more secure, faster, and can handle everything Amazon does, and even better."
He also scathingly criticized the crypto market, saying that "it is not even a market" by definition, but merely "a number of bucket shop exchanges," adding that "none of them are regulated, none of them are legal."
Moreover, the controversial figure questioned the very use of the word "crypto", stating that "there is no encryption in Bitcoin," arguing that:
"When I designed it, it was clear text, it was actually designed not to be crypto". Mojo Nation, ecash, they were actually cryptographic protocols. Bitcoin is digital cash, so it's anti-crypto."
Vitalik Butering calls self-proclaimed Satoshi Craig Wright a scammer
In June 2021, on the Lex Fridman Podcast, Ethereum founder Vitalik Butering accused Wright of lying about being the anonymous founder of the world's largest crypto, likening him to former US President Donald Trump and threatening legal action.
Wright recently agreed to pay $43 million to a joint venture he co-founded after being convicted of stealing intellectual property belonging to the joint venture by a federal court.
First published on Apr 1, 2022