Crypto Community Thrown Into Frenzy as 11-year Old Wallet Makes 50 Bitcoins Transaction

It has only been an hour since 50 Bitcoins were sent from a wallet presumed to have been in existence for eleven years. Bitcoin investors and analysts are going wild with frenzy while putting up different theories as to why the digital assets were recently moved. 

As far back as 2009, a person that went by the name Satoshi Nakamoto who is adjudged to be the father of Bitcoin, released a white paper on the perks of the Blockchain technology. While some people are confident it was Satoshi Nakamoto that made the recent transaction, others believe it was someone on the inside that made the transaction on his behalf. 

Did Satoshi transfer the Bitcoins ?

Many people have been forced to believe that the founder and father of Bitcoin, Satoshi Nakamoto, holds as much as one million Bitcoin when it first started. However, with the way the industry has endured a tipsy turvy ride in the market, analysts have said that he would not have up to that amount anymore. The transaction showed that the Bitcoins emanated from a wallet that was as far back as the 2009 era, with the total worth of the Bitcoin now $475,000 in today’s market.

Popular Bitcoin analyst Jimmy Sing quickly took to Twitter to allay fears on the transaction, stating that he was sure it was not Satoshi that made the transaction. He said the transaction was done from a Coinbase wallet that went as far back as 2009 but was not related to Satoshis stash wallets in any way. Moreover, Satoshi might be the father of the coin, but he was not the only one on the mining network then.

Why there is so much hype surrounding the Bitcoin transfer

After the news broke out, the BTCUSD correlation suffered a momentarily dip for a fifteen-minute time frame. Most people are eager to know why the buzz surrounds the transfer of such a small amount of BTC in a market that has seen a transfer as high as over $100,000. The reason is that most people believe whoever made the transaction-whether or not it is Satoshi believes that the coin has fulfilled its purpose in the long run. 

The beauty of the digital asset market is that no one knows who made the transfer with all the buzz and news about whether it is Satoshi, just rumors and hearsay.

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