The Mysterious Origins of Bitcoin
Bitcoin, the world's first cryptocurrency, was reportedly created by the pseudonymous Satoshi Nakamoto - an identity whose true persona remains one of crypto's greatest mysteries. Ben Armstrong, founder of the YouTube channel BitBoy Crypto (with 877,000 followers), recently claimed that Nakamoto has passed away, while raising questions about Bitcoin's actual circulating supply.
Armstrong's Controversial Claims
The crypto influencer made several startling assertions:
- Hal Finney (a deceased American computer engineer) was likely the "leader" of Bitcoin's creation
- Early Bitcoin collaborators may have included British cryptographer Adam Back and WikiLeaks founder Julian Assange
- Nakamoto's Bitcoin holdings (600,000-1.1 million BTC) may be permanently inaccessible
- The true circulating supply could be as low as 14.5 million BTC (vs. the presumed 19 million)
👉 Why Bitcoin's limited supply makes it digital gold
Competing Theories About Nakamoto's Identity
The Hal Finney Connection
Bloomberg senior analysts presented evidence in August 2022 suggesting Finney might be Nakamoto. Notably:
- Finney received the first-ever Bitcoin transaction
- Suffered from ALS (Lou Gehrig's disease) until his 2014 death at age 58
- Denied being Nakamoto in a Forbes interview shortly before passing
| Key Figure | Possible Role | Status |
|---|---|---|
| Hal Finney | Early Bitcoin contributor | Deceased |
| Adam Back | Cryptography pioneer | Alive |
| Craig Wright | Self-proclaimed Nakamoto | Alive |
The "Team Nakamoto" Theory
Rana Saoud, a U.S. Department of Homeland Security official, claimed in 2019 that:
- Nakamoto was actually a 4-person team
- His colleague met them in California
- No verifiable evidence was provided
Bitcoin's Supply Mystery: What We Really Know
Armstrong's supply estimates consider:
- Lost coins: Early adopters accidentally discarded BTC
- Inactive wallets: Nakamoto-era holdings never moved
- Technical limitations: Some BTC may be permanently stuck
👉 How to securely store your Bitcoin holdings
FAQ: Your Bitcoin History Questions Answered
Q: Why does Satoshi Nakamoto's identity matter?
A: Primarily for historical curiosity - Bitcoin's design ensures it operates independently of its creator.
Q: Could Nakamoto's coins ever enter circulation?
A: Extremely unlikely. The original wallets show no activity since 2010-2011.
Q: How does this affect Bitcoin's value?
A: A reduced effective supply could theoretically increase scarcity, but the market already prices this in.
Q: Who is the most credible Nakamoto candidate?
A: Finney remains top contender due to his cryptographic expertise and early Bitcoin involvement.
Q: What happens if Nakamoto's coins move?
A: The network would accept valid transactions, but it would likely cause major market volatility.