Nakamoto’s Neighbor: My Hunt For Bitcoin’s Creator Led To A Paralyzed Crypto Genius

Hal Finney’s light brown eyes are pointed down. I’ve just asked him if he was involved in the creation of Bitcoin. The 57-year-old man’s almost imperceptible eye movement is his only way of telling me that he was not, and that I’ve spent the last week caught in the same futile windmill-tilting that has ensnared so many other reporters trying to solve the puzzle of Bitcoin’s mysterious creator known only as Satoshi Nakamoto.

Finney is seated in an elaborate wheelchair, flanked by medical equipment and his wife and son, both of whom are wearing blue t-shirts that read “Hal’s Pals: Fight ALS.” ALS, or amyotrophic lateral sclerosis, is the name of the terminal disease that has locked Finney into a body whose muscles no longer obey his mind’s commands. His eyes are among the few parts of his anatomy that his will still controls. He uses them to manipulate voice synthesis software running on a computer attached to his wheelchair with an eye-tracking camera. Until recently, this setup allowed him to speak fluidly in a computerized voice.

But as the disease has progressed, even Finney’s eye movements are deteriorating. He’s often reduced to yes-and-no conversations like the one we’re having now. His engineer’s mind, which has written some of the most important code in the history of cryptography, is unaffected by the disease and remains as lucid as ever. But its last lifelines to the outside world are growing thin.

I ask Finney if he has any connection to Dorian Nakamoto, the man Newsweek has a week earlier named as the creator of Bitcoin, the cryptocurrency that has come to represent an entirely new digital form of money, and whose total value has risen as high as $16 billion at some points over the last year.

His eyes glance downward again, and this time Finney grins. His son Jason explains that involuntary movements are less affected by ALS than voluntary ones; Finney can’t easily smile on command for a photograph, but he can smile when he’s amused, and he’s clearly amused by my questions.

Finally, in a plea that must sound a little desperate, I ask Finney to show me what “yes” looks like, just to be sure I haven’t somehow misinterpreted his denials. He raises his eyes and eyebrows unmistakably, still grinning.

Amazing, I think, how quickly a raised eyebrow can shut down the most elaborate theories.

A week earlier, I was following clues that seemed to point to either Finney’s involvement in the creation of Bitcoin or one of the most improbable coincidences I’d ever encountered. Today, I believe those connections were in fact random, that Finney is telling the truth when he denies helping to invent Bitcoin, and that I am only the most recent of a long string of journalists to succumb to the mirage of a Satoshi Nakamoto-shaped pattern in a collection of meaningless facts.

But in following the clues that led me to Finney, I found something equally significant: a dying man who had been something like a far-more-brilliant Forrest Gump of cryptographic history: a witness to and participant in practically every important moment in the recent history of secret-keeping technologies. From the development of the first widely used strong encryption software known as PGP, to early anonymity systems, to the first Bitcoin transaction, Finney was there.

The rabbit-hole journey that led to my meeting with Finney began on March 6th, the day that Newsweek released its bombshell cover story on the man who it claimed had invented Bitcoin: Dorian Prentice Satoshi Nakamoto, a 64-year old ex-engineer and programmer living in the small exurb of Los Angeles known as Temple City. Nakamoto had even seemed to give Newsweek a tacit confirmation of its theory when he told the magazine’s reporter that he was “no longer involved in that,” a quote confirmed in essence by local police who witnessed the interaction.

Just hours after Newsweek‘s story hit the Web, I received an email from an old cryptography community acquaintance of Finney’s who has asked to remain anonymous. The email was titled “What are the odds?” It pointed out that Hal Finney had lived for almost a decade in Temple City, the same 36,000 person town where Newsweek found Dorian Nakamoto. Finney’s address was only a few blocks away from the Nakamoto’s family home.

This was an uncanny link: Finney is known to be the second-ever user of Bitcoin after Satoshi Nakamoto himself. He had been one of the first supporters of the idea when Nakamoto floated it on a cryptography mail list, and even received the first Bitcoin test transaction from Nakamoto in early 2009, as Finney himself wrote in a post to the Bitcointalk forum.

In other words, the possibly-first and confirmed-second ever users of Bitcoin lived just blocks apart.

“What are the odds in a country as large as ours, or as large as California is, or even as large as the general LA area is, that [Dorian Satoshi Nakamoto] and Hal Finney both live(d) in Temple City at the same time, about 1.6 miles from each other?” my contact wrote. “Did they know each other socially, through some club? Did one help the other?”

Already, the theory was percolating through the Texas Bitcoin Conference I was attending that day in Austin, where one Bitcoin podcaster independently rehearsed a more extreme version of the same theory for me over drinks: Had Finney invented Bitcoin himself and simply used his neighbor’s name as a pseudonym? On Reddit, a user traced Finney’s IP address and found that he was in the Los Angeles area. “Dorian [Nakamoto] probably could’ve been a drop,” wrote a user called Ikinoki, using the hacker jargon “drop,” a patsy whose personal information is used to hide online exploits.

I didn’t suspect Finney of anything nearly so malicious. Instead, I began to believe he might have been Bitcoin’s ghostwriter.

At the request of my Forbes colleague Matt Herper, the writing analysis consultancy Juola & Associates had already compared Dorian Nakamoto’s various online comments and postings with Satoshi Nakamoto’s writings on Bitcoin before his total disappearance from the Web in 2011. (Read the details of their analysis in Herper’s post here.) Unsurprisingly, they found a total mismatch: Dorian Nakamoto’s half-broken English hardly matched the elegant technical style of Bitcoin’s creator.

Hal Finney’s writing, on the other hand, was as fluid and precise as the whitepaper that first introduced Bitcoin in late 2008. Maybe, I thought, Finney had served as something like Nakamoto’s amanuensis, crediting Nakamoto for the idea, but using his own superior writing skills to explain Bitcoin to the public. I collected a 20,000 character sample of Finney’s writing from various forums and mailing lists and sent it to Juola & Associates for analysis.

In the mean time, I emailed Finney a few times. When I didn’t hear back–he’s been mostly absent from the Internet as his paralysis deepens–I called his wife, Fran, who now works as Finney’s full-time caregiver. She explained her husband’s medical situation, and patiently relayed my questions to him. Using his eyebrows and eye movements, as she described to me over the phone, he confirmed that he had corresponded with Bitcoin’s creator, but denied any connection to the invention of Bitcoin or the Dorian Nakamoto Newsweek had named, just as he would when I visited a week later. “For all Hal knew, Satoshi Nakamoto could have been next door, or he could have been in Japan,” Fran said.

She also politely invited me to visit her and her husband in Santa Barbara, where the couple now lives. In person, she said, it would be easier to convince me that Finney wasn’t involved in Bitcoin’s invention despite the one-in-a-million geographical connection. She also requested that I include in any story I wrote her plea to the media and the Bitcoin community not to flock to their home and stalk Finney for interviews the way reporters had immediately done at Dorian Nakamoto’s house following Newsweek‘s story.

“He’s very fragile,” she told me. “We have him on ventilator support twenty-four hours a day. He has difficulty communicating. It would be nice if people would not harass him.”

Just hours after that phone conversation, I received the results from the writing analysis from Juola & Associates. The firm, its chief scientist John Noecker explained in a phone call, had previously tried analyzing candidates for Satoshi Nakamoto named by older investigations performed by the New Yorker, Fast Company, and various Bitcoin enthusiasts. None of the results had been promising enough to publish, according to Noecker.

Hal Finney, by contrast, was the best Nakamoto candidate whose writing the firm had ever analyzed and the first who Noecker believed might have actually written the Bitcoin whitepaper.

“So, it seems to me,” he wrote in an email, “that you may have found the real Satoshi Nakamoto.”


Satoshi Nakamoto (left) in a 1967 yearbook photo, and Hal Finney in a 1974 yearbook photo.

Hal Finney grew up in the idyllic Los Angeles suburb of Arcadia, in a two-story cottage-style house just an eight-minute drive away from the Nakamoto family home in Temple City. Dorian Nakamoto, then known by his birth name of Satoshi Nakamoto, was seven years older than Finney, and the two never attended the same school. But Nakamoto’s brother Tokuo Nakamoto tells me that Satoshi commuted from the Temple City address to college at California Polytechnic Institute well into the early 1970s, when Finney was attending Arcadia High School just a few miles away.

None of Finney’s friends at Arcadia High whom I spoke to had any memory of an older friend or acquaintance of Finney’s named Satoshi Nakamoto.

They do remember Finney as an unusually intelligent and thoughtful student, who at times carried around an impressively large copy of Ayn Rand’s Atlas Shrugged and seemed to have adopted its lessons about libertarian free thinking. Friends recall him quietly sitting in the back of a physics class, only to approach the teacher afterwards to correct an error or suggest a better way of articulating a problem. At math team competitions, Finney would ring in with an answer to most questions before they’d been fully asked. In 1974, his senior year, he was voted “most brains” by his peers.

“He had this uncanny feel for numbers,” says Richard Lewis, a friend of Finney’s who is now a Stanford physiology professor. “To him, they seemed like living things that had behavior, that you could learn from.”

Finney enrolled in the California Institute of Technology, and soon switched his focus from mathematics to computers, staying up through the night and often missing class to obsess over his coded creations. When he graduated, he married his college girlfriend Fran and took a job writing video games for Mattel. In 1982, the Finneys moved to a house in Temple City, again less than two miles from the Nakamoto family home. (Dorian Nakamoto wouldn’t return to the Los Angeles area from New Jersey until 1987, according to Newsweek, and then lived in other neighborhoods like Buena Park and Costa Mesa. But Dorian Nakamoto’s mother and then a Nakamoto a family trust maintained ownership of the Temple City house through Finney’s nine years living in the neighborhood.)

It wasn’t until 1991 that Finney discovered the movement of anti-authoritarian encryption gurus who would define much of the rest of his career: the Cypherpunks. Centered around the Cypherpunk email list, the group advocated encryption tools as a means to shift power from the government and to individuals. Like many cypherpunks, Finney was inspired by the work of David Chaum, another Los Angelino cryptographer who had proposed theoretical systems that would use encryption tools to enable anonymous communications and even untraceable financial transactions. Chaum had developed the first-ever virtual currency known as DigiCash, with some of the anonymous and decentralized properties of Bitcoin, though it never gained widespread adoption.

“It seemed so obvious to me,” Finney would write on the Cypherpunks Mailing List in 1992. “Here we are faced with the problems of loss of privacy, creeping computerization, massive databases, more centralization – and Chaum offers a completely different direction to go in, one which puts power into the hands of individuals rather than governments and corporations. The computer can be used as a tool to liberate and protect people, rather than to control them.”

Finney put his programming prowess to work building the tools to enact that cryptoanarchist vision. “Our motto was ‘Cypherpunks write code,'” says Tim May, a co-founder of the group, referring to a line in the Cypherpunk’s Manifesto written by his co-founder Eric Hughes. “Hal was one of those who actually wrote code.”

When word hit the mailing list that privacy activist Phil Zimmermann planned to release PGP or Pretty Good Privacy, the first freely available encryption program strong enough that not even government intelligence agencies could break it, Finney contacted Zimmermann and became one of his earliest collaborators. He worked almost a full-time job’s worth of hours developing PGP 2.0, widely considered to be the first truly secure version of the program, and pioneered its “web of trust” model of key-signing, a method to establish trusted identities through the peer-to-peer vouching of a community of users. “The trust model was a very complex part, and this was of crucial importance to PGP’s success,” says Zimmermann. “Hal made an enormous contribution.”

(When Zimmermann first wrote back to my query about Finney, he also noted Finney’s extraordinary humility and strength of character: “Hal is a rare genius who never had to trade his emotional intelligence to get his intellectual gifts,” Zimmermann wrote. “He is a fine human being, an inspiration for his attitude toward life. I wish I could be like him.”)

In fact, decades before anyone suspected Finney of ghostwriting Bitcoin, Finney ghostwrote much of PGP. Because of the legal controversy around the encryption tool’s distribution on the Internet–Zimmermann was nearly indicted for arms export control violations–Finney’s role was downplayed in Zimmermann’s public discussion of the program. Though Finney told me that he worked closely with Zimmermann to code “the bulk of the changes” from PGP 1.0 to PGP 2.0, he’s rarely been fully credited for that work.

As PGP’s usage spread, Finney was also the first to integrate the encryption software into “remailers”–free services that acted as proxy servers for email, bouncing messages among third parties so that they couldn’t be traced to their source. “Two people could communicate using email, with both of their identities being protected from the other,” Finney explained on the Cypherpunks Mailing List. Those tools would eventually evolve into strong anonymity services like MixMaster and Tor, used by millions around the world today.

Meanwhile, Finney never gave up on Chaum’s ideas of digital, pseudonymous currency. “With digital cash and smart cards, you should be able to engage in…transactions with no organization or institution able to violate your privacy or steal your money,” he wrote on the mail list in 1993. “You can protect yourself, rather than having to trust others. This puts more power into the hands of the consumer.” A few years later, Finney would even develop a “proof-of-work” system that closely resembled the one Bitcoin would later use, requiring that participants of the system solve complex computer problems to create a barrier to entry and keep out those who would corrupt the system.

So when the idea for Bitcoin first appeared on a cryptography mailing in 2008, posted by Satoshi Nakamoto, Finney says he was immediately enthusiastic, and responded with curious questions. Nakamoto’s announcement otherwise got a mostly skeptical reception. “Cryptographers have seen too many grand schemes by clueless noobs,” Finney wrote on the BitcoinTalk forum in 2013. “I was more idealistic; I have always loved crypto, the mystery and the paradox of it.”

Finney downloaded the early Bitcoin code and began running it on an IBM Windows desktop tower machine. He’s widely believed to be the first person other than Nakamoto himself to do so. He kept it running for weeks–just how long, he declined to tell me. With no competition, he was able to mine as much as a hundred coins a day using only his old PC’s off-the-shelf CPU. But sometime after mining a thousand coins, Finney turned the machine off–he and his son were worried the computer was overheating. The stash of bitcoins sat on Finney’s hard drive and were later burned to a DVD, left to gather dust on a desk. “I thought it was just an altruistic thing he was doing for a friend,” says Fran Finney. “And we thought the PGP thing had been enough altruism already.”

During his Bitcoin experimentation, Finney corresponded with Nakamoto, sending him a series of bug reports and suggestions for fixes. He would later write that while he had no idea of Nakamoto’s real identity or location, he imagined Bitcoin’s creator to be “a young man of Japanese ancestry who was very smart and sincere.”

In early 2009, Nakamoto also sent Finney the first ever test transfer of bitcoins. Finney said at the time he’d repay the ten coins back to Nakamoto. He never did, Fran Finney recalls with a laugh. He had other things on his mind by then, she says: Finney inexplicably began to fatigue quickly, slur his words, experience strange tingling, and lose coordination in his right hand. His doctor diagnosed him with ALS in August of 2009.

As Finney’s muscle control declined over the next years, he continued to write code for Bitcoin. At one point he wrote up an improvement to its elliptic-curve cryptography that would speed up its transactions by as much as 20%. Even after he lost the ability to type with both hands, and then to type at all, he continued to use eye-tracking software to write code, including a program called bcflick aimed at better securing Bitcoin wallets. “I am most proud of my work on PGP,” Finney wrote to me in an email, “ Although I would not be surprised if my small contributions to Bitcoin, particularly my optimization of the elliptic curve math, may be the lasting contribution of my work.”

As for the bitcoins Finney mined in those early days, he writes that he was relieved to rediscover them in 2010, still intact, as the currency suddenly began to gain value. He transferred them to the disc, and then later stored it in a safety deposit box at the family’s bank. But as Finney’s medical bills mounted, Finney sold the majority of the coins at an exchange rate of around $100, just a fraction of the more than $500 they’d be valued at today.

“[Our son] Jason is always saying ‘what if, what if,’” Fran says of the decision to sell the coins. “It’s fine with me if it means we have enough money to keep Hal alive, at home and comfortable.”

Fran declines to say just how much the family’s remaining Bitcoin savings are worth, but adds that the family has never had as much cryptocurrency wealth as is often rumored. Last year, she says, an extortion attempt threatened to release private information about the family online if Finney didn’t transfer a large number of bitcoins–more than he even had remaining after his medical expenses.

Finney himself doesn’t seem to dwell on what could have been, as much as his good fortune in becoming Bitcoin’s earliest-ever adopter. “I’m pretty lucky overall. Even with the ALS, my life is very satisfying. But my life expectancy is limited,” he wrote last year. “I’m comfortable with my legacy.”


After my initial phone call with Fran Finney, Hal Finney wrote me an email that I later learned had taken him the better part of a day to produce with his limited eye movement. In the note, he not only denied inventing Bitcoin, but also expressed doubts at Newsweek‘s focus on his old neighbor Dorian Nakamoto.

I must be brief. The reason I was skeptical about Dorian Nakamoto is that he didn’t match the picture in my mind that I had of Satoshi. I pictured him younger, as he was giving the impression of youthful vigor. Then there is the language Bitcoin was written in, C++. Satoshi was a master of the intricacies, and I’ve only seen this in young programmers. It seems hard to master C++ if you didn’t learn it while you’re young. As I have learned more about him, there are details that don’t add up, such as his care for an aging mother, which might cause financial strain.

As for your suspicion that I either am or at least helped Satoshi, I’m flattered but I deny categorically these allegations. I don’t know what more I can say. You have records of how I reacted to the announcement of Bitcoin, and I struggled to understand it. I suppose you could retort that I was able to fake it, but I don’t know what I can say to that. I’ve done some changes to the Bitcoin code, and my style is completely different from Satoshi’s. I program in C, which is compatible with C++, but I don’t understand the tricks that Satoshi used.

As far as your theory that I knew Dorian, that is unlikely because I lived in Temple City more than a decade ago, when Bitcoin hadn’t even been dreamed up. Again, I categorically deny any familiarity with Dorian Nakamoto.

In a written statement of his own a week later, Dorian Nakamoto would also deny any involvement with Bitcoin, arguing that he had never worked in cryptography and was so financially impoverished that he couldn’t even afford an Internet connection—two claims that called into question Newsweek‘s assertion that he had invented Bitcoin, and with it, any connection this Nakamoto might have had to Finney. Through his brother Tokuo, Dorian Nakamoto also told me he had never before heard Hal Finney’s name.

But the most compelling evidence that Finney didn’t invent Bitcoin or ghostwrite the 2008 Bitcoin whitepaper came during my visit to the Finneys’ Santa Barbara home.

I arrived on a Saturday afternoon, 20 minutes late due to traffic between Los Angeles and the Santa Barbara suburb. Fran Finney welcomed me into her home and brought me into the living room, where Finney himself sat in his wheelchair with his son Jason. His ventilator whirred rhythmically and the air smelled faintly of something sweet, like hot milk.

I apologized for being late. Finney’s first words to me, and the longest sentence I heard him speak in his robotic voice, were “Andy, it’s hard to time the drive from LA.” He had spent around ten minutes writing the sentence with his eye movements, just to comfort me about my tardiness. “We’re used to that kind of thing from him,” Fran told me. “He’s a good guy.”

I sat down with Finney and explained again the strange connections that had brought me to his home. Then I rehearsed the questions I’d asked through his wife over the phone. With his eyes, he gave the same friendly denials.


Then Jason Finney brought me over to a computer to show me what he’d prepared: It was Finney’s Gmail account, opened to a January 2009 conversation between Finney and someone named Satoshi Nakamoto—clearly, the Satoshi Nakamoto. They had exchanged about fifteen emails, in which Finney described bugs he’d found in the early Bitcoin code and Nakamoto responded with fixes and notes of thanks.

The Nakamoto on the other end of the conversation wrote in fluent, colloquial English, not at all like Dorian Nakamoto. (I would later forward the emails to the same linguistics analysis firm who had earlier analyzed Nakamoto’s writings, Juola & Associates, and they confirmed that the new emails matched the style of the Bitcoin whitepaper more closely than Finney’s writing, and far more closely than Dorian Nakamoto’s.)

Jason Finney also let me see the transaction record for his father’s Bitcoin wallet from 2009, which clearly showed that Finney had received Nakamoto’s ten-bitcoin test transaction on January 11th, 2009. The wallet evidence, along with the Gmail timestamps, would have been very difficult to forge. And the notion that Finney alone might have set up the two accounts and created a fake conversation with himself to throw off snoops like me, long before Bitcoin had any measurable value, seemed preposterous.

“My father is an honest guy,” Jason said. “He would have loved to have been part of creating Bitcoin, and he wouldn’t have hidden it. But he wasn’t involved.”

At this point, I was convinced I had reached a dead end. All the signs that Finney might have had a secret hand in the creation of Bitcoin had turned out to be nothing more than an illusion of a signal in random noise.

But even as I dropped my theory, I had learned enough to know that Finney was no random red herring. As an open source project, Bitcoin has been built and rebuilt by a community of programmers who have rewritten 70% of its code, like a ship whose crew replaces its hull while at sea. As the very first debugger and contributor to Bitcoin’s code long before a bitcoin was ever worth a thousandth of a penny, there’s no question that Finney did in fact help to create it. And this might be the last chance I or any other journalist might have to meet him in person.

I sat next to Finney again and asked him if, in this sense of open-source contribution, he did consider himself one of the creators of Bitcoin.

He raised his eyes and eyebrows.

Then I asked him if he was proud of that work. Finney raised his eyes again, and he smiled.

With reporting contributed by Matt Herper, Susan Radlauer and Kashmir Hill.

Follow me on Twitter , email me, anonymously send me sensitive documents or tips , and check out the new paperback edition of my book, This Machine Kills Secrets: Julian Assange, the Cypherpunks, and Their Fight to Empower Whistleblowers.

I’m a technology, privacy, and information security reporter and most recently the author of the book This Machine Kills Secrets, a chronicle of the history and future of information leaks, from the Pentagon Papers to WikiLeaks and beyond. I’ve covered the hacker beat for Forbes since 2007, with frequent detours into digital miscellania like switches, servers, supercomputers, search, e-books, online censorship, robots, and China. My favorite stories are the ones where non-fiction resembles science fiction. My favorite sources usually have the word “research” in their titles. Since I joined Forbes, this job has taken me from an autonomous car race in the California desert all the way to Beijing, where I wrote the first English-language cover story on the Chinese search billionaire Robin Li for Forbes Asia. Black hats, white hats, cyborgs, cyberspies, idiot savants and even CEOs are welcome to email me at agreenberg (at) My PGP public key can be found here.

Source: Nakamoto’s Neighbor: My Hunt For Bitcoin’s Creator Led To A Paralyzed Crypto Genius



More Contents:

Legalization of Cryptocurrency – Today
[…] In 2008, Satoshi Nakamoto (a pseudonym), introduced “bitcoin”, the first cryptocurrency based on blockchain and algorithm […]
Reason behind Bitcoin values increasing – – Today
[…] It began in 2009 as the brainchild of a man named Satoshi Nakamoto […]
What are the advanced methods investing bitcoin? – – Today
[…] Satoshi Nakamoto acquainted a progressive idea with the world, which turned into a hit as a result […]
What are the advanced methods investing bitcion? – – Today
[…] Satoshi Nakamoto acquainted a progressive idea with the world, which turned into a hit as a result […]
Bitcoin is the Great Definancialization | Gradually, Then Suddenly | Satoshi Nakamoto Institute – Today
“The market value of the Bloomberg Barclays Global Negative Yielding Debt Index rose to $17.05 trillion [November 2020], the highest level ever recorded and narrowly eclipsing the $17.04 trillion it reached in August 2019.”
Top 10 Companies That Accept Bitcoin | Tech Insider
[…] Bitcoin was invented in 2009 by Satoshi Nakamoto […]
Bitcoin: What to Know Before Investing – Today
[…] It was created by someone calling himself Satoshi Nakamoto, unveiled in 2008 and launched the following year […]
Bitcoin price above $58,000 – Business & Economy – Today
MOSCOW, February 22. /TASS/. The price of Bitcoin gained 1.97% during the trading session to the level of $58,100, according to CoinDesk portal data. The Bitcoin price set a new all-time high record. Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without intermediaries.
The Many Theories Of Elon Musk Being Satoshi Nakamoto ⋆ ZyCrypto ⋆ – Today
[…] is Satoshi? For Changpeng Zhao, the head of leading cryptocurrency exchange Binance, Elon Musk and Satoshi Nakamoto may be the same person […] was sent to him by a friend, a lot of crypto enthusiasts are convinced that both Elon Musk and Satoshi Nakamoto may be the same people. The theories surfacing that claim that Elon Musk is the real Satoshi Nakamoto are yet to be backed by objective evidence, especially because Elon Musk has refrained fro […]
5 Major Cryptocurrencies Developed by Blockchain Advances
[…] Bitcoin (BTC) It’s been a decade-plus since Satoshi Nakamoto created BTC, the most widely used crypto in the world […]
Appendix D: Speaker and Moderator Biographies | Data Matters: Ethics, Data, and International Research Collaboration in a Changing World: Proceedings of a Workshop – February 21
[…] His work in cryptographic time stamping was later adopted by Satoshi Nakamoto as the basis for the creation of Bitcoin […]
Inside the Bitcoin Rally
Invented 12 years ago by an unknown person or group of people under the name Satoshi Nakamoto, bitcoin started trading in 2009 as a crypto asset based on a decentralized blockchain-base […]
A collection of Bitcoin resources by BitcoinQnA – February 21
[…] explore the different wallet options Bitcoin Whitepaper A copy of the Bitcoin Whitepaper by Satoshi Nakamoto Bitcoin Backup Printable bitcoin seed recovery sheets Lightning Network Guide A basic introductio […]
The difference between Bitcoin and Bitcoin Cash
[…] didn’t address the central issue of versatility, nor did it follow the guide at first laid out by Satoshi Nakamoto, the unknown party that initially proposed the blockchain innovation behind digital money […] Bitcoin SV was made with an end goal to remain consistent with the first vision for bitcoin that Satoshi Nakamoto depicted in the bitcoin white paper while likewise making alterations to encourage adaptability and […]
What is Bitcoin And Why Is It Largest Cryptocurrency? – February 21
[…] It was introduced by a few hackers under the alias of Satoshi Nakamoto […]
Blockchain Explained – What Is a Blockchain? (Definition & Review) – AdvisoryHQ – February 21
[…] The concept of a blockchain was developed in 2008 by Satoshi Nakamoto, who published the famous paper describing the bitcoin network […]
No Jargon Answer to What Is Bitcoin? | Tactical Allocation Channel – February 21
[…] and Upgrading Bitcoin Software So, who develops bitcoin software? In the first stage of bitcoin, Satoshi Nakamoto was the lead developer […]
How Does Cryptocurrency Work? | The Entrepreneur – February 21
[…] Therefore, Satoshi Nakamoto, the unknown inventor of Bitcoin, set a rule where miners are expected to invest their computers in […]
Bitcoin is in a long-term uptrend, says Kraken’s Dan Held
[…] adoption To demonstrate that the above is part of Bitcoin’s design Held quoted Bitcoin inventor Satoshi Nakamoto, who had this to say about the network effect of the cryptocurrency: As the number of users grows […]
Simple Question, Who’s Satoshi Nakamoto? #Bitcoin #Cryptocurrencies #SatoshiNakamoto : Bitcoin – February 21
2.5m members in the Bitcoin community. A community dedicated to Bitcoin, the currency of the Internet.Bitcoin is a distributed, worldwide ……
Bitcoin Mining Explained | Simplilearn – February 21
Since its introduction in 2009 by Satoshi Nakamoto, bitcoin has excited investors, tech pros and everyday people alike. Even celebrities like Mike Tyson have gotten involved; the former pro boxer has launched both a bitcoin ATM and a bitcoin wallet app. But you don’t have to be any kind of a pro to understand how bitcoin works. Simplilearn’s v…Read More.
Sweden extends central bank digital currency trial for another year – February 21
[…] the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain […]
Byzantine Generals’ Problem – An Introduction – February 21
[…] When Satoshi Nakamoto created Bitcoin, he mitigated this issue by integrating the protocol with a special class o […] By solving this quandary, both Satoshi Nakamoto and Bitcoin have introduced us to the game-changing phenomenon known as the decentralized economy […]
in-the-eye-of-the-beholder-what-gives-b – February 21
[…] Bitcoin’s history and basic use Pseudonymous creator Satoshi Nakamoto published the written framework for Bitcoin in 2008 […]
Tesla makes more money on bitcoin than on cars : technology – February 21
[…] It was launched by a pseudonymous figure known as Satoshi Nakamoto in 2009, at which point its value was roughly zero […]
The thoughtful lunacy of Dogecoin – – February 21
[…] Bitcoin creator Satoshi Nakamoto created this system, with Bitcoin being a monetary incentive for people who mine blockchain […]
No, I will not stop telling people “BCH is Bitcoin.” – February 21
[…] with the original project goals and in fact proposed and planned by the project’s creator, Satoshi Nakamoto […]
Regarding CSW and the Bitcoin Whitepaper – CRYPTO CRYPTO NEWS – February 21
[…] They also claim he is Satoshi Nakamoto, the pseudonymous creator of Bitcoin, and the original owner of bitcoin […] be weaponized to make new false claims, like that the Bitcoin Core developers “know” CSW to be Satoshi Nakamoto and this is why they acted in this way […] in the original Bitcoin project files with the project clearly published under the MIT license by Satoshi Nakamoto […]
Bitcoin ATMs Market to See Huge Growth by 2026 | Genesis Coin, Lamassu, Bitaccess – Southern India Reporter
[…] Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software […]
Bitcoin ATMs Market to See Huge Growth by 2026 | Genesis Coin, Lamassu, Bitaccess – Shillong Herald
[…] Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software […]
Bitcoin ATMs Market to See Huge Growth by 2026 | Genesis Coin, Lamassu, Bitaccess – Chhattisgarh Journal
[…] Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software […]
OKCoin plans to suspend Bitcoin Cash (BCH) and Bitcoin SV (BSV) trades • – February 21
[…] Wright has claimed severally that he is Satoshi Nakamoto, the anonymous Bitcoin creator […]
Can Governments Stop Bitcoin? – – February 21
[…] In January 2009, a mysterious coder going by the name of Satoshi Nakamoto launched Bitcoin, an open-source financial network with big ambitions: to replace central bankin […]
Singapore Mall Sells Bitcoin Mining Hardware Station – February 21
[…] In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin […] In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block […]
Proof of Insurance on the RiskBlock Blockchain – February 21
[…] In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin […] In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block […]
The Role of Trading Bots in the Crypto Currency Market – February 21
[…] In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin […] In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block […]
The EU Clarifies the Anti-Money Laundering Directive – February 21
[…] In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin […] In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block […]

Tesla CEO Elon Musk Says Bitcoin Purchase is “Less Dumb” Than Holding Cash

Tesla CEO Elon Musk Says Bitcoin Purchase is "Less Dumb" Than Holding Cash

Tesla CEO Elon Musk is talking more about the automaker’s bitcoin purchase. In response to a comment from Binance CEO Changpeng Zhao, he called Tesla‘s $1.5 billion bitcoin purchase “adventurous enough for an S&P500 company.”

Tesla CEO defends bitcoin purchase

Zhao told Bloomberg in an interview that he was surprised that Musk was “so gung-ho on Dogecoin.” Binance is the biggest cryptocurrency exchange in the world by volume, and it recently launched Dogecoin futures. However, Zhao also pointed out that Tesla purchased $1.5 billion worth of bitcoin rather than Dogecoin.

In response, Musk tweeted that Tesla’s bitcoin purchase “is not directly reflective” of his opinion. He also said owning bitcoin is “simply a less dumb form of liquidity than cash” and is “adventurous enough for an S&P 500 company.”

The Tesla CEO also said that he isn’t an investor and doesn’t even own any publicly traded stock aside from Tesla. He added that “when fiat currency has negative real interest, only a fool wouldn’t look elsewhere.”

“Bitcoin is almost as bs as fiat money,” Musk tweeted. “The key word is ‘almost.'”

Bitcoin price hits a new record

Following Musk’s tweet, the bitcoin price soared above $52,000 to a new record high. Bloomberg notes that the Tesla CEO’s remarks highlight one of the markets’ biggest problems right now. With governments pumping so much cash into the financial system due to the pandemic, investors are getting concerned about inflation and looking for other places to invest. This week alone, the bitcoin price is up by approximately 10%.

Tesla is part of the Entrepreneur Index, which tracks 60 of the largest companies that are still managed by their founders. Although Musk said Tesla’s bitcoin purchase doesn’t reflect his opinion, it seems clear that he had something to do with it. The automaker probably wouldn’t have bought the cryptocurrency if Musk hadn’t become a believer in it recently.

Some speculated that Tesla’s bitcoin purchase would lead other major companies to dive into the cryptocurrency, but Fortune reports that it isn’t happening. Gartner Finance conducted a survey earlier this month asking chief financial officers if they plan to buy bitcoin this year. Ninety-five percent of respondents said they didn’t intend to buy the cryptocurrency this year.


Source: Tesla CEO Elon Musk Says Bitcoin Purchase is “Less Dumb” Than Holding Cash



In this clip Gali asks Elon Musk about Bitcoin and what he thinks of the cryptocurrency. Big thank you to Third Row Tesla Podcast for allowing us to use the clip. You can subscribe to them here: Original date of video: 01/31/20 Clip taken from:… Become a HyperChanger & support us on Patreon to receive the exclusive weekly HyperChange Newsletter!! HyperChange YouTube: HyperChange Twitter: HyperChange Instagram: HyperChange Facebook: Music by Marko: & Fritz Carlton: Tags: #ElonMusk #Bitcoin #Cryptocurrency
More Contents:
ECB’s Villeroy: As long as inflation remains weak, there can’t be any change to monetary … on 19 February– – February 19
[…] Villeroy also took a jab at Elon Musk and Bitcoin, saying that “it is a great talent to buy assets discreetly and then make it public, knowing tha […]
Auto Industry News: GAS Succeeds LOORRS, Daytona 500 Gets A Fiery Start, Musk Gambles on Bitcoin, UAW Presses Pause, and Mitsubishi Tries Something New
[…] 5B in Bitcoin, Will Accept the Cybercurrency As Payment Name a more iconic duo than Elon Musk and Bitcoin […]
How Many Times Can Bitcoin Rally on the Same News? – February 15
[…] Therefore, the only significant news here is that the media and retail love everything related to Elon Musk and bitcoin […]
A majority in the U.S. personally know somebody who has been vaccinated against COVID-19 and watch out for these key dates
[…] Weekend reads: a marijuana-friendly retirement location Also, cannabis stocks’ wild movement, Elon Musk and bitcoin, and the meaning of Black History Month […]
Tesla, Dogecoin & Institutional Interest: A Data Perspective by IntoTheBlock | CoinMarketCap – February 10
This week, IntoTheBlocks take a dive into the rather wacky goings-on with Tesla, Dogecoin, Elon Musk…and Bitcoin?
Wage Garnishment – February 8
[…] For the Rundown, Aaron Gentzler TOPICS | Bitcoin, Dogecoin, Elon Musk And Bitcoin, Elon Musk And Dogecoin, Gold, Oil, S&P 500, Snoop Dogg And Dogecoin, Tesla And Bitcoin, Tesla An […]
Elon Musk continues to drive Dogecoin price with non-stop tweets
[…] Elon Musk and Bitcoin influence This is not the first time Musk has caused the market to shift so rapidly o […]
Update on Elon Musk and BITCOIN! | Tesla Funds May Send Bitcoin To The Moon! : Bitcoin – February 2
2.3m members in the Bitcoin community. A community dedicated to Bitcoin, the currency of the Internet.Bitcoin is a distributed, worldwide ……
Elon Musk: Bitcoin is ready for mass adoption ⋆ – February 2
[…] Elon Musk and Bitcoin as an investment These words confirm three things that have been widely speculated in the past […]
XRP UP 50%!!! CRYPTO ABOUT TO SURGE!! Tread Lightly – January 31
[…] 2:20 DOGE Coin Crashing 3:20 All-Time High New Users In Crypto 5:12 FLASH CRYPTO GIVEAWAY INFO 6:42 Elon Musk and Bitcoin 7:28 Is Tesla Buying Bitcoin? 8:40 Why I’m More Bullish On Crypto Than Ever 9:58 Why XRP Is Up 50 […]
Elon Musk Doesn’t Mind Getting His Salary in Bitcoin – January 10
[…] ” Me neither — Elon Musk (@elonmusk) January 9, 2021 Elon Musk and Bitcoin This is far from being the first time when the billionaire entrepreneur and tech visionary mentions […]
Bitcoin vs. Tesla: BTC Nears The Market Capitalization of Elon Musk’s Company – January 7
[…] The History Between Elon Musk And Bitcoin Tesla’s co-founder and CEO, Elon Musk, has a compelling history with bitcoin, filled with bizarr […]
Elon Musk May Skyrocket the Bitcoin Price in 2021! Tesla CEO’s Billion $$$ Look into Cryptocurrency! • – December 22, 2020
[…] com/theaustinarnold/ TimeStamps: 00:00 Elon Musk and Bitcoin 04:51 Ethereum (ETH) SUPPLY SHOCK! 07:51 Compound (COMP) DeFi News […]
Solstice anticipation… – December 21, 2020
[…] You might say that a couple of my “soaps” are the subjects of Elon Musk and bitcoin […]
Bitcoin Prime App Review 2020: Legit or Scam Robot? Read here! – September 25, 2020
[…] But are these rumours true? Elon Musk and bitcoin– It’s true that Elon Musk is enthusiastic about bitcoin and the underlying technology of blockchain […]
Elon Musk and bitcoin – August 6, 2020
Elon Musk is one of the world’s biggest tycoons, co-founder of paypal, shareholder of tesla among other things. An enterprising physicist who innovates and has a patrimony that exceeds 71 million dollars.
Chicago’s Urban Alternative – June 5, 2019
[…] informs her current sound, and what listeners can hope to […] FEATURED MACONOMICS: CRYPTOCURRENCY, ELON MUSK AND BITCOIN Ro$$ Mac is back to give some of his sage advice, this time to introduce us to the world o […]
Crypto News Now: Crypto News | Elon Musk Talks Bitcoin and Binance Expands – – February 21, 2019
[…] Contents Crypto News: February 20th, 2019 Elon Musk and Bitcoin The crypto news that’s been receiving the most buzz this morning has to do with Tesla’s CEO Elo […]
Crypto News | Elon Musk Talks Bitcoin and Binance Expands – February 20, 2019
[…] Crypto News: February 20th, 2019 Elon Musk and Bitcoin The crypto news that’s been receiving the most buzz this morning has to do with Tesla’s CEO Elo […]
Crypto News | Elon Musk Talks Bitcoin and Binance Expands – February 20, 2019
[…] Crypto News: February 20th, 2019 Elon Musk and Bitcoin The crypto news that’s been receiving the most buzz this morning has to do with Tesla’s CEO Elo […]
Apple is no longer worth a trillion after tech stocks take a beating – November 23, 2018
[…] Marc Zuckerberg, Elon Musk and bitcoin top this year’s list of Tech Turkeys (CNET) The tech industry has had so many screwups this year […]
Facebook’s Zuckerberg, Elon Musk and bitcoin: The biggest Tech Turkeys of 2018 – November 22, 2018
CULTURE LEER EN ESPAÑOL Facebook’s Zuckerberg, Elon Musk and bitcoin: The biggest Tech Turkeys of 2018 The tech industry has had so many screwups this year, it’s hard to keep track. But with CNET’s 2018 edition of Tech Turkeys, we’re gonna try. BY NOVEMBER 22, 2018 2:00 AM PST
Cartoon Licensing, Indonesia Startups, Global Vegetation, More: Tuesday , November 20, 2018 – – November 20, 2018
[…] AROUND THE SEARCH AND SOCIAL MEDIA WORLD CNET: Facebook’s Zuckerberg, Elon Musk and bitcoin top this year’s list of Tech Turkeys […]
Facebook’s Zuckerberg, Elon Musk and bitcoin top this year’s list of Tech Turkeys – November 19, 2018
Facebook’s Zuckerberg, Elon Musk and bitcoin top this year’s list of Tech Turkeys Facebook stumbles into a massive scandal with Cambridg […]
Facebook’s Zuckerberg, Elon Musk and bitcoin top this year’s list of Tech Turkeys – November 19, 2018
CULTURE Facebook’s Zuckerberg, Elon Musk and bitcoin top this year’s list of Tech Turkeys The tech industry has had so many screwups this year, it’s hard to keep track. But with CNET’s 2018 edition of Tech Turkeys, we’re gonna try. BY NOVEMBER 19, 2018 2:00 AM PST
Home – October 24, 2018
[…] BCH DEVCON Amsterdam Continues the Search for the Next Big Idea October 24, 2018 by Jon Southurst Elon Musk and Bitcoin: Stirring the Pot, Or Something More? October 23, 2018 by William Peaster Circle CEO Urge […]
Elon Musk Tweets About Bitcoin and People are Losing It | Buzzeology – October 24, 2018
[…] Elon Musk and Bitcoin After the anime tweet, a consumer requested the tech entrepreneur when two-factor authenticatio […]
Elon Musk Tweets About Bitcoin and People are Losing It – October 24, 2018
[…] Elon Musk and Bitcoin After the anime tweet, a user asked the tech entrepreneur when two-factor authentication would b […]
Elon Musk and Bitcoin: Stirring the Pot, Or Something More? – October 23, 2018
Elon Musk and Bitcoin: Stirring the Pot, Or Something More? October 23, 2018 by William Peaster 0 Comment 4091 Views Elon […]
Elon Musk Tweets About Bitcoin, Plus Ripple and XRP, Tron, Ethereum, VeChain, Litecoin: Crypto News Alert – – October 23, 2018
From Elon Musk and Bitcoin to the long-awaited launch of crypto debit cards in the US, here’s a look at some of the storie […]
Elon Musk Tweets About Bitcoin, Plus Ripple and XRP, Tron, Ethereum, VeChain, Litecoin: Crypto News Alert – October 23, 2018
From Elon Musk and Bitcoin to the long-awaited launch of crypto debit cards in the US, here’s a look at some of the storie […]

The U.S. Government Tried To Shut Down Bitcoin

Bitcoin conspiracy theorists have long suspected the U.S. government, among others, would like to shut down bitcoin.

Bitcoin’s first decade has seen its price explode, making early adopters overnight millionaires, and prompting some of the world’s biggest technology companies to create their own versions of bitcoin.

Now, it’s been revealed federal prosecutor-turned bitcoin and cryptocurrency expert Katie Haun was asked to look into “shutting down” bitcoin by her boss at the U.S. attorney’s office in 2012.

“They said ‘we have this perfect assignment for you’–there’s this thing called bitcoin and we need to investigate it,” Haun told CNBC in a wide-ranging interview, adding a colleague asked her to take down bitcoin.

“That was the first time I’d ever heard of bitcoin.”

Over the next few years Haun would go on to sit on the board of U.S. bitcoin and cryptocurrency exchange Coinbase and teach a class on cryptocurrency at Stanford Law School.

Today In: Money

Any serious attempt made by the U.S. Department of Justice to shut down bitcoin inevitably came to naught, with Haun saying, “it would have been akin to saying ‘let’s go prosecute cash.'”

Haun, who is now the first female general partner at U.S. venture capital firm Andreessen Horowitz and co-heads its $350 million cryptocurrency fund, has worked closely with social media giant Facebook in development of its troubled libra cryptocurrency project.

U.S. government opposition to bitcoin and cryptocurrencies has become far more transparent since Donald Trump entered the White House.

Earlier this year, U.S. president Trump sent shockwaves throughout the bitcoin and cryptocurrency industry when he tweeted a vicious attack on Facebook’s bitcoin rival plans, branding it and bitcoin “unregulated crypto assets.”

Others in the U.S. government were quick to tow the line, with U.S. Treasury secretary Steven Mnuchin adding his voice to the assault on bitcoin, Facebook’s planned Libra crypto project, and other cryptocurrencies, warning they pose a “national security” risk to the country.

Elsewhere, Apple chief executive Tim Cook has warned companies against creating their own cryptocurrencies.

“What we heard with libra were the same criticisms [I’d first heard about bitcoin]” Haun said.

“They were just heightened and they got more attention because of the high-profile nature of the project and the fact that Facebook was involved. I think it would be a really dangerous thing, and frankly a dangerous precedent to start shutting down technology before it’s built.”

Facebook’s libra has been under fire over the last week, with internet payments company PayPal, one of the Libra Association’s founding members, suddenly pulling out of the group on Friday.

Mark Zuckerberg, Facebook founder and chief executive, had hoped to work with global regulators to clear libra’s path to launch in June 2020 but appears to have underestimated the level of opposition to the scheme.

Follow me on Twitter.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: The U.S. Government Tried To Shut Down Bitcoin

34.3K subscribers
Bitcoin miners shutting down world wide! Bitmain in trouble. And it looks like the problem is getting worse for all the big miners across the world. Makes me wonder is this is the real sign bottom is close. Thanks for watching Tip jar below. BTC 13qF5ovjByDtFyGX1hYLA7uvhXj1BDH2KX LTC LcdKQ9JSAZRuypVtevhbna7hVo8hHf5UoD Check out my Patreon if you want some gold nuggets. Equipment used to make this video Samsung Galaxy Tab S4- Smooth 4 cell phone gimbal- SanDisk 64GB memory card – GoPro Hero 7 Black- Canon EOS M50- Flexible tripod- Lighting for studio- Gun gear that I use Serpa CQC OWB hoslter- Carbon Fiber OWB holster- Glock 17 sure plug- Need stickers? I HIGHLY RECOMMEND THESE GUYS:… Need something done for cheap? Check out Fiverr. BUY A NANO LEDGER S HARDWARE WALLET RECOMMENDED CRYPTO EXCHANGES: If your looking to start buying alt coins Binance IS THE BEST altcoin exchange out there. Please join Binance using this link: Kucoin exchange is the fastest up and comer and has coins exclusive to it you cant find anywhere else! CONNECT WITH ME: Add me on Telegram: @mr_kristof Add me on Snapchat: mr_kristof Find me on Instagram: mr_kristof Add me on Twitter: mr_kristof007 Add me on Xbox Live: VoxiKnight Find me on DTube:!/c/cryptokristof Read my blog on Steemit: DISCLAIMER: THIS IS NOT FINANCIAL ADVICE AND I AM NOT A FINANCIAL ADVISER. AND THESE ARE SIMPLY MY OPINIONS #cryptocurrency #BTC #Bitcoin

Tim Draper Believes Bitcoin Will Grab 5% of the Earth’s Market Share

While Elon Musk and Jeff Bezos are focused on Mars, billionaire venture capitalist Tim Draper has his feet firmly planted on the ground. Draper might appear to have his head stuck in the clouds with a lofty $250,000 bitcoin price prediction. But from what he tells Fox Business, the early bitcoin investor isn’t stargazing:

“I’m a believer that in four years, something like that, bitcoin will be about a 5% market share of the earth.”

Draper’s Bitcoin War Chest is a Cool $189 Million

He pointed to bitcoin’s best features such as decentralization, transparency, and simply being a better currency than fiat. Draper was an early bitcoin investor, having purchased 30,000 BTC when the price was hovering at $632 per coin. He points out that the investment is worth 10x that amount today, and he’s got no doubt that it’s going much higher.

Draper envisions a future in which bitcoin further disrupts the venture capital business model.

“I eventually want to have a fund where I take in bitcoin and I fund everybody in bitcoin and they pay their employees and suppliers in bitcoin. And then I pay my investors in bitcoin. Because I would then require no acounting, no legal, no bookeeeping, no custody. It would all be done.”

Considering that transactions would be recorded on the blockchain, all relevant participants would be able to see everything. Tim is a big fan of bitcoin but he keeps an open mind about other cryptocurrencies, too. Though he does expect that the number of coins will be whittled down to only the best projects.

Tim Draper has a $250,000 price target on bitcoin. | Source: CoinMarketCap

Tim Draper on Facebook

Everyone knows Facebook is pursuing a $1 billion fund for its new stablecoin, and Draper has been linked to discussions with the company about the initiative. Incidentally, the gloves came off on one of Facebook’s founding members earlier this week, with Chris Hughes calling for the breakup of Mark Zuckerberg’s company. Draper isn’t buying into it.

“If the shareholders will benefit somehow by a breakup, then sure go ahead and do it. But the idea that he has all this centralized power…I think he’s just building a business and it’s a great business. And there are plenty of competitors to him out there. And I’m very pleased that he’s done so well.”

If his tone is any indication, perhaps we will be hearing about a VC investment into Zuckerberg’s new blockchain project.

Meanwhile, the bitcoin price is currently hovering at $6,379. It’s a far cry from Tim Draper’s $250,000 target but if he’s right and it captures 5% of the earth’s market share, the moon will seem a lot closer than it does today.

Source: Tim Draper Believes Bitcoin Will Grab 5% of the Earth’s Market Share

NYSE-Linked Bitcoin Exchange Bakkt Just Unveiled a Major Acquisition

Bakkt – the cryptocurrency startup launched by New York Stock Exchange (NYSE) owner Intercontinental Exchange – just yanked the lid off the full range of its blockchain ambitions.

The firm announced today that it has acquired Digital Asset Custody Company (DACC) as part of its efforts to gain regulatory approval for its crypto products.

Reportedly, Bakkt is less concerned with merely building a Bitcoin exchange than they are with offering institutional custody and payment platform services, all of which still requires regulatory approval.

Bakkt Acquires Crypto Custodian DACC

bakkt bitcoin futures

Bitcoin startup Bakkt acquired a crypto custodian to help bring its regulated platform to market. | Source: Shutterstock

The company recently announced its application for a BitLicense, and it is also pushing to become a trust company in New York. The company’s efforts have been repeatedly stalled by regulatory delays, despite positive news around its partnerships with Starbucks, Microsoft, and others.

Coinbase previously acquired a trust charter with the New York Department of Financial Services. Becoming a trust can be a faster process than becoming a BitLicense recipient, which can take several years. Bakkt says in a new blog post that it’s applied for a charter, and recently we reported that they’re also seeking a BitLicense.

Bakkt wants to offer Bitcoin futures contracts that pay out in cryptocurrency, which would set them apart from other Bitcoin futures offerings. Bakkt has several other ambitious projects in mind, but it must get through several layers of red tape before it finally launches.

Adam White wrote in Bakkt’s blog today:

“To provide regulated custody, we have filed with the New York Department of Financial Services for approval to become a trust company and in this capacity serve as a Qualified Custodian for digital assets. […] It is with that same commitment to setting a new standard for securely storing digital assets that we’re excited to announce that we have acquired Digital Asset Custody Company (DACC). DACC shares our security-first mindset and brings extensive experience offering secure, scalable custody solutions to institutional clients. The team’s experience integrating multiple blockchains and operating cutting-edge consensus mechanisms is a valuable addition to our team and future product line.”

Bakkt CEO Kelly Loeffler told Fortune:

“From the ground up what ICE has been building for two years is the safest version of a custody solution for digital assets.”

Custody: The Key to Mass Bitcoin Adoption?

bitcoin wallet crypto

A lack of regulated custodians has kept many crypto-curious institutions out of the burgeoning asset class. | Source: Shutterstock

Bakkt and Coinbase have both claimed that offering secure, modern custodial solutions for cryptocurrency will encourage institutional investors to expand their portfolios to include the speculative asset class. Thus far, Coinbase and Circle’s offerings have yet to make a significant dent in the overall market.

Fidelity, a traditional assets management company, also nears completion of its custodial solution. A range of options doesn’t necessarily equate to investor interest, but their availability may play a vital role during any future bull run. Institutional investors will, at a minimum, have several popular options to choose from if they consider getting into the market, opportunities that didn’t exist in previous times.

Bakkt’s current push is three-pronged:

  • They’ve acquired a company already engaged in playing custodian to digital assets.
  • They’ve applied for a BitLicense.
  • They’re working to become a registered trust.

There are other avenues they might still pursue, such as operating without New York as an available market at first. What is clear is that the company is anxious to get into the game, and the recent bull market activity is probably not far from their mind.

Source: NYSE-Linked Bitcoin Exchange Bakkt Just Unveiled a Major Acquisition

%d bloggers like this: