Crypto community speculates about Bitcoin transfer to Satoshi Genesis Block.
For a crypto advocate, New Year's Eve is not just a celebration of the beginning of the New Year – a few days later, on January 3, a significant anniversary occurs. In the year On January 3, 2009, Satoshi Nakamoto, the anonymous creator of Bitcoin (BTC), blocked the Genesis block – the Bitcoin network for the first time in history.
The Genesis block contains 50 BTC, the reward at the time.
The wallet will remain untouched until there is a trend in the crypto community where crypto advocates transfer BTC to wallets as a tribute to Nakamoto.
Bitcoin conveys complete secrecy
As the donations increased over the years, the total balance of Genes Wallet grew to 68.56 BTC on January 3, 2023, which was $1.1 million at the time.
Two days later, the crypto community was shocked when someone transferred 26.9 BTC to the wallet, worth $1.17 million at the time.
The money initially involves a transfer from three wallets to 12 others, most of the funds are from wallets connected to the Binance cryptocurrency exchange. Little is known.
No one has asked for the secret BTC transfer, which is immutable – i.e. irreversible – to the curiosity of the crypto community.
Either Satoshi woke up and bought 27 bitcoins from Binance and put them in their wallet or someone burned a million dollars pic.twitter.com/w34kjnAHPJ
— Conor (@jconorgrogan) January 6, 2024
Was Nakamoto sending a message? Many theories emerged to explain the transfer.
Fat finger mistake
At first, faulty transfer process was one of the most believed explanations for the mysterious Bitcoin transfer.
Fat fingering is a common occurrence in the crypto space. This term refers to users sending cryptocurrencies to the wrong address due to mistakes made while entering the recipient's address.
The Genesis wallet address could also be stored in the authorized wallet address book on Binance, as random users send BTC to the Genesis wallet as tribute every year.
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In case of a manual error, the sender should have copied the incorrect address into Binance and at least double-checked the details before sending the funds.
Crypto observers have widely dismissed the fat-finger hypothesis for the mysterious BTC transfer.
An allocation calculated as a tribute to Nakamoto
Rodolfo Adragnes, founder of ONG Bitcoin Argentina – a non-governmental organization promoting decentralized technology – believes the transfer is a calculated donation from Cryptowell in honor of Nakamoto's creativity. But why 26.9 BTC? Adragnes told Cointelegraph:
“Someone decided to send 0.1% of their holdings to thank Satoshi and Bitcoin.”
This means that the Bitcoin owner had at least 26,917 BTC in their hands.
The total amount of BTC donated was over $1 million, but in Dragnes' opinion, a 0.1% donation is a psychological number that doesn't work for crypto well.
Cryptowell doesn't feel “richer or poorer” after that transfer, Kerness added.
Debt settlement paid to Craig Wright
The crypto community at X (formerly Twitter) has never run out of imagination. To the Bitcoin enthusiast pleader, the transfer could simply be a twisted debt payment.
26.9 My theory on why #BTC was sent to Satoshi:
I think someone (probably nChain) doesn't like Craig Wright, he owes him, but instead of linking him a check, he sent it to a bitcoin address to ‘claim' to control him https://t.co/7QrsrFzkY5
— Pleditor #FixTheFilters (@Pleditor) January 8, 2024
Craig Wright has been claiming to be the creator of Bitcoin since 2016, and Nakamoto is the only person with private keys to the Genesis wallet.
So, if Wright's claim is true, he can get the wallet. Any payment connected to the Genesis wallet is like a direct payment to him.
The general consensus of the crypto community about Wright's claims is that they are false. So, if the sender owes Wright, the BTC transfer was one of the most expensive trolls.
Bitcoin future prediction encrypted message
What if the transfer conveys a prediction about the future of Bitcoin?
Bitcoin mining expert Alejandro de la Torre told Cointelegraph: “Maybe someone or some people are hinting at what the next bear market floor will be.
He believes $26,900 could be the next Bitcoin bear market floor.
According to hash predictions, the transfer could be a new way of encrypting a message. After that, the owner of the sent BTC can use the blockchain to verify that he made the prediction years ago.
Precious Space Bitcoin ETF Trading Plan
One of the first to notice the Bitcoin move was Coinbase Director Conor Grogan, who speculated that the move might be a strange trading tactic for the space, Bitcoin exchange-traded funds (ETFs), which were awaiting approval in the United States at the time.
https://t.co/1in4TEwh66
Maybe some unusual ETF trading plan? ♂️
— Conor (@jconorgrogan) January 6, 2024
If this were the case, it would be an expensive marketing ploy. As some X users have pointed out, the site's target audience isn't very effective as Bitcoin ETFs can't be bothered with the movements in the Genesis wallet.
A donation to everyone
Many users were outraged that someone would send such a large amount of money to the Genesis wallet instead of charity.
Why don't these people who think they should burn their corn donate to one or more @geyserfund projects or Open Sats
I do not understand…
– SF – Le Pleb Royale, with cheese | artdesignbySF (@LePlebRoyale) January 6, 2024
Nakamoto is believed to have no access to the Genesis wallet, so sending BTC to this address is like burning coins or losing lineage.
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However, if the person behind the transfer supports Nakamoto's beliefs, they could see the transfer as a gift to the entire Bitcoin community. As Nakamoto once said:
“Lost coins make other people's coins go up a little bit. Think of it as a contribution to everyone.
26.9 BTC only added to the Bitcoin shortage, adding up to 29% of all Bitcoin “lost”.
The crypto community may know the purpose of the secret million-dollar Bitcoin transfer to the Genesis wallet, but it has at least sparked some speculation and debate in the crypto community.
