Self-Proclaimed Creator of Bitcoin Says He’ll Sell His Stash, as BTC ‘Has No Utility’

The man claiming to be Satoshi Nakamoto, the creator of bitcoin, said in a recent interview that he does indeed plan to sell his huge stash of the digital coins at some point, a report says.

Craig Wright, who says he is the creator of bitcoin, has a supply of around 1.1 million bitcoins, which has spurred fears that if he sold most of it, it would crash the market.

Those fears were originally a reaction to a post Wright made in May 2020, when he said he was planning to sell his bitcoin. He explained at the time, “It is expected that the value will drop significantly and will be matched by a 10x leveraged short.”

This was interpreted by many people as something of a threat, particularly because he also said he planned to launch a 51% attack on the bitcoin network — which means a single person or group takes control of the network, letting them block transactions or reverse them.

But neither of those things has happened. Wright clarified in a recent interview that he wants to sell his bitcoin because it “has no utility.”

He said BTC would never evolve and could only scale.

However, he simultaneously promoted his work on the Bitcoin Satoshi Vision (BSV), saying “that has value, that is more secure, faster, able to handle everything that Amazon does, and better.”

Ethereum founder Vitalik Buterin has accused Wright in the past of lying that he was the founder of bitcoin. Buterin compared him to former U.S. president Donald Trump.

PYMNTS wrote that in other bitcoin news, Block CEO Jack Dorsey says bitcoin mining should be made more accessible.

Read more: Jack Dorsey’s Block Wants to Return Bitcoin Mining to the Masses

He said recently that mining is so difficult and expensive that only well-funded mining pools can manage to do it.

He cited one instance in which a solo bitcoin miner won the race to write a new block of transactions on the bitcoin blockchain. It was a 1 in 1.37 million shot and unusual enough that it made news. And the report notes that if bitcoin is to remain a community, the community has to be able to participate in a meaningful way.