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March 1, 2024
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Bitcoin

IRS Rules Spark Identity Debate


Recently, an anonymous user sent 26 Bitcoins to the pseudonymous creator of Bitcoin, Satoshi Nakamoto’s wallet, sparking predictions about the purpose behind transferring over a million dollars in digital assets.

With Bitcoin’s current price being $44,239, this is the equivalent of $1.15 million USD.

Satoshi Nakamoto Holds the Original Bitcoin Wallet

According to data from blockchain.com, the transaction occurred on January 6. It was sent to the first wallet ever created on the Bitcoin network.

Transaction to Satoshi 1 Wallet on January 6. Source: Blockchain.com
Transaction to Satoshi 1 Wallet on January 6. Source: Blockchain.com

However, United States lawyer Jeremy Hogan predicted on X (formerly Twitter) that the move was in an effort for Satoshi Nakamoto to be forced to reveal his identity.

The recently implemented regulations by the Internal Revenue Service (IRS) in the United States mandate reporting any crypto transaction exceeding $10,000. This includes providing names and addresses within 15 days of receiving the transaction.

“Why?? The only thing that makes any sense is that the sender is flushing Satoshi out. Under the new IRS rules, you have to report any receipt of crypto over $10k. So, Satoshi has to dox himself, OR break the law.”

Read more: Who Owns the Most Bitcoin in 2024?

Estimating Satoshi Nakamoto’s Bitcoin Holdings

According to many estimates, Nakamoto owns no less than 1.1 million BTC. BeInCrypto recently speculated on what the value would be in 2025 if a crypto bull run occurs.

Community members anticipate the upcoming Bitcoin halving kick-starting a new Bitcoin bull run. However, there is speculation over whether the halving could make Satoshi Nakamoto one of the richest men in the world.

In 2009, when Bitcoin was not known to the everyday person, Nakamoto, as the inventor of BTC, was already mining his first coins. Even though he soon stopped, he still had time to mine over a million coins.

Read more: What Is a Satoshi?

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