Craig Wright in Court: First Bitcoin Addresses are ” inaccessible”

Craig Wright, the self-proclaimed Satoshi Nakamoto and inventor of Bitcoin, appeared in court in Florida on Friday for a hearing. Wright stated that he no longer has access to the first mined Bitcoin (“inaccessibile”).

Dr. Craig S. Wright said that he cannot access the 1,1 million Bitcoin (the current value is $ 12 billion) that he is being sued by the estate of his former business partner David Kleiman (actually half that amount). The Australian is defending himself against allegations made by his former business partner’s estate agents that he stole billions in Bitcoin and intellectual property.

Bloomberg reports that during his appearance in a federal court in West Palm Beach, Wright affirmed that he is the creator of Bitcoin, but did not comply with the court’s order to compile a list of all of his early Bitcoin addresses. Wright’s critics, who doubt that he is Satoshi Nakamoto, have pointed out that the creator of Bitcoin needs access to the all first Bitcoin addresses, since Satoshi Nakamoto was still active on the network alone in the initial stages of Bitcoin, mining large amounts of BTC on his own. As proof, Wright must be able to move this Bitcoin.

The Australian scientist and leading figure behind Bitcoin SV says he has entrusted a critical piece of information to his former partner David Kleiman, who died in 2013. Since his death, Wright has claimed that he is unable to comply with the court’s order, saying that he may never be able to access the Bitcoin.

The problem is that there is no public transcript of Wright’s statement. The central question also seems to be what exactly the context means for “inaccessible” (“inaccessibile”). Are the BTC inaccessible because of the trustees that Wireright previously told about or is Wright not legally able to access the BTC. Wright had stated weeks ago that after the mining of Block 70, all subsequently newly mined Bitcoin went directly to the trustees, with the private key split into several key pieces and then issued to the individual trustees.

As Bloomberg reported::

Sometimes Wright told the judge that he is Nakamoto, the pseudonym used by the cryptocurrency’s creator in 2009, and that Dave Kleiman, whose estate is suing him, was hired to cover Wright’s tracks so people wouldn’t find out he was Satoshi. […] I brought Dave because he was a friend and he knew who I was, and he was a forensic expert, and I wanted to wipe everything I had to do with Bitcoin off the record.

Wright says he wanted to distance himself from Bitcoin because of its early reputation as a tool for criminals and terrorists.

What impact could this have on the Bitcoin price?

If the statements of Craig Wright are really true (or only partially, for example, David Kleiman could also be Satoshi Nakamoto, as some experts suspect), then 1,1 million Bitcoin would be added to the pile of lost“ Bitcoin. Blockchain analysis and consulting firm Chainalysis released a report in 2017 that put the total number of coins lost at 2.78 to 3.79 million BTC – a huge chunk of the total supply of 21 million, all of which will be mined by 2140.

So what impact would it have on the Bitcoin spot price if another 1,1 million were added to these “lost” numbers? It is also questionable whether the vacant 1.1 million BTC have already been fully or at least partially taken into account in the analysis and are therefore already priced in by the market.

However, the assumption that the “Wright / Kleiman Bitcoin” were not taken into account could be very bullish for Bitcoin price, as it would lead to a significant shortage of supply.

Featured Image: Diana Grytsku / Shutterstock

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