50 Bitcoins just moved from a 2009 wallet; the hype regarding the movement of BTCUSD from an 11-year-old wallet

Just a few hours have passed since 50 Bitcoins were moved out of an 11-year-old wallet. BTC enthusiasts are going crazy and putting in all sorts of theories surrounding out.

The year was 2009. A person or a group of persons, going by the name of Satoshi Nakamoto, presumably the father of Bitcoin, released a white paper on the potentials of Blockchain technology. Satoshi was one of the few miners in 2009 mining Bitcoin. 

Some people claim that it was Satoshi Nakamoto who transferred those Bitcoins. And another section claims that it was definitely not Satoshi who did the transaction.

Was it indeed Satoshi who transferred the 50 Bitcoins

Satoshi Nakamoto is believed to hold one million Bitcoins. However, there is no evidence to prove he has the same holdings now. 

The originating address of the wallet from where these cryptos were transferred indeed belongs to a 2009 era. At today’s market prices, 50 BTC amounts to approximately $475,000. 

Acclaimed Bitcoin and cryptocurrency analyst Jimmy Song published a twitter post stating why it was not Satoshi who made the transaction.

According to him, it was not one of the addresses or ‘nonces’ of Satoshi’s stash. 

Moreover, Satoshi was not the only miner present in 2009. There were quite a few of them operating at that time as well. So there is no possible way to claim the transaction back to Satoshi.

 

Why the hype regarding the transfer of Bitcoin?

BTCUSD 15 Minute Chart
BTCUSD 15 Minute Chart

Following the news breaking out, we can see the dips of BTCUSD in the fifteen-minute timeframe.

Some people might argue that in a $200 billion market, why does a transaction amounting to $475,000 make such noise? The answer is simple- Be it Satoshi or someone else, if they are cashing out an 11-year-old holding, it might indicate that the holder believes these cryptos have run their course.

However, all these are just speculations, and there is no way to validate either of the claims. 

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