The post Satoshi Nakamoto’s Bitcoin Statement Echoes 15 Years Later Amid Market Sell-off appeared on BitcoinEthereumNews.com.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. As the crypto market faces a selling bout, a statement by Bitcoin’s mysterious creator, Satoshi Nakamoto, has resurfaced, capturing the crypto community’s attention. Shared by Bitcoin historian Pete Rizzo, the statement highlights the concept of scarcity, which has remained key to Bitcoin’s value proposition. Rizzo wrote while sharing the historical statement on X: “Satoshi Nakamoto on the scarcity of Bitcoin at $0, exactly 15 years ago. Only 21 million.” The statement made by the Bitcoin founder reads thus: “(lost) coins can never be recovered. Since the effective circulation is reduced, all the remaining coins are worth slightly more, its the opposite of when a government prints money.” Related The statement dates back 15 years, believed to have been made on Dec. 10, 2009, when Bitcoin was worth $0, yet Satoshi foresaw the profound economic implications of a limited supply. The distinct nature of Bitcoin’s hard cap of 21 million coins draws from this concept of scarcity, and this differentiates Bitcoin from traditional fiat currencies that can be endlessly printed. As Bitcoin’s price faces pressure from a broader market sell-off, Satoshi’s statement remains relevant. The fixed supply remains a key driver of Bitcoin’s value, ensuring that its scarcity is preserved regardless of short-term price fluctuations. Bitcoin price dips Bitcoin (BTC) fell to a low of $94,220 on Tuesday…

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Filed under: News - @ December 10, 2024 6:24 pm