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Cryptographer and Blockstream founder Adam Back suggested that the anonymous creator of Bitcoin, Satoshi Nakamoto, may possess approximately 500,000 BTC.
He emphasized that the exact amount of Nakamoto’s assets remains unknown. These estimates are based on an analysis of early mining patterns and are speculative in nature.
According to Back, around 2.5 million BTC were mined in the first year of the network’s existence, with Nakamoto’s share typically estimated to be between 500,000 and 1 million coins.
“We do not know if these coins actually belong to Satoshi. They could belong to another early participant in the network,” he remarked.
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The lack of movement of these funds is not necessarily indicative of intentional inactivity. Back suggested that access to the wallets may have been lost.
“That is possible. In the early years, the storage infrastructure was less secure,” he stated at the Blockchain Paris Week conference.
He noted that in the initial period, users manually saved a file containing their private keys and needed to regularly update it after transactions, which increased the risk of losing access.
Back also predicted further adoption of Bitcoin. He assessed that the process has already begun, but it requires time due to internal procedures within financial institutions.
He pointed out that a significant portion of capital is concentrated in pension funds and insurance products managed by professional market participants. As these processes conclude, access to Bitcoin may expand in the coming years.
Previously, former Binance CEO Changpeng Zhao urged against panicking over quantum threats and suggested destroying Satoshi Nakamoto’s bitcoins to prevent them from falling into the hands of fraudsters in the event of a successful attack.
