Bitcoin's surge to $110,000 boosts Nakamoto's wealth to $120 billion

Satoshi Nakamoto, the pseudonymous creator of Bitcoin, has ascended to the 11th position on the global rich list, with an estimated wealth of $120 billion. This remarkable surge in fortune is attributed to the recent price surge of Bitcoin, which briefly reached an all-time high of nearly $112,000 before experiencing a slight pullback. As of now, Bitcoin's value remains close to the $110,000 mark.

Nakamoto's estimated holdings, believed to be around 1.96 million BTC, have remained untouched since 2011. These dormant wallets, according to blockchain analytics company, hold a vast fortune that has not been accessed for over 16 years. The untouched status of these wallets adds to the mystery surrounding Nakamoto's identity and intentions. Nakamoto's holdings represent approximately 5.2% of the entire Bitcoin supply, a significant portion that could potentially influence the market if these coins were to be sold. The identity of Nakamoto remains a subject of debate, with some speculating that he could be Hal Finney, Nick Szabo, or another individual entirely. Despite the uncertainty, the Bitcoin community remains cautious about the potential impact of these holdings on the market.

In another significant development, Bitcoin has surpassed Amazon to become the fifth-largest asset in the world by market capitalization. With a market cap of $2.16 trillion, Bitcoin now outpaces Amazon's $2.13 trillion, reflecting a broader shift in how financial markets perceive digital currencies. Institutional interest and the launch of the spot Bitcoin ETF have played crucial roles in driving up demand and price, making Bitcoin's rally less dependent on retail investors.

Michael Saylor's firm, Strategy, has further solidified its commitment to Bitcoin by purchasing 4,020 BTC between May 19 and 25. This acquisition brings the firm's total holdings to over 580,250 BTC. Despite this significant investment, the firm's stock price has experienced a drop, indicating that market confidence does not always align with Bitcoin purchases.

Robert Kiyosaki, author of "Rich Dad Poor Dad," has expressed his support for Bitcoin, citing the violation of Gresham's and Metcalf's laws by those who trust fiat money over what he considers "real money," such as Bitcoin. Kiyosaki's remarks underscore the growing belief that Bitcoin is not just an investment but also a store of value in a system that many view as flawed.