XRP News Today: Ripple CTO Suggests Satoshi Nakamoto Held Enormous XRP in 2017

Ripple’s Chief Technology Officer, David Schwartz, has suggested that the creator of Bitcoin, known under the pseudonym Satoshi Nakamoto, likely owned a substantial amount of XRP. This assertion was made during Schwartz’s deposition filed in 2023, as part of the ongoing legal proceedings brought by the United States Securities and Exchange Commission against Ripple Labs.

Schwartz’s comments, included in the deposition transcript, highlight how Ripple’s management of XRP compares to the distribution of Bitcoin. He pointed out that Ripple’s operational control of XRP serves as a competitive advantage in building a payments ecosystem. He acknowledged that tracking Bitcoin’s distribution is much harder due to its decentralized nature. Nonetheless, he stated that “Satoshi, the original Bitcoin creator, probably held an enormous amount of XRP at the time,” referring to the year 2017.

Schwartz noted that Ripple deliberately focused on building infrastructure and utility around XRP as part of its payment solutions, while no comparable development efforts were undertaken for Bitcoin. He emphasized that Ripple’s direct role in XRP’s adoption sets it apart from Bitcoin’s purely decentralized approach. His deposition underscored that the company’s ability to influence XRP’s ecosystem distinguishes it from Bitcoin, whose distribution and control remain opaque.

Schwartz’s statement that Satoshi “probably held an enormous amount of XRP” has sparked speculation about a possible connection between him and Bitcoin’s pseudonymous creator. Although Schwartz has never claimed to be Nakamoto, various coincidences in the history of cryptocurrency development have fueled rumors. Observers have noted that the timeline of XRP Ledger’s development and Satoshi Nakamoto’s withdrawal from Bitcoin appear to align. Nakamoto announced his intent to “move on to other things” in 2011, which is also the year Schwartz began to publicly express interest in working on new projects.

Further adding to this speculation is the fact that Schwartz, alongside Arthur Britto and Jed McCaleb, initiated development of the XRP Ledger shortly thereafter, which culminated in its 2012 launch. Ripple adopted the XRP Ledger as the foundation of its blockchain-based payment platform. Despite these observations and Schwartz’s comment on Satoshi’s supposed XRP holdings, there is no evidence confirming that Schwartz is the individual behind the Nakamoto pseudonym. His statement during the deposition has nonetheless added to the ongoing curiosity about the identity of Bitcoin’s creator and their potential involvement in other blockchain projects.

While Schwartz’s remarks offer insight into how Ripple viewed its role in XRP’s development relative to Bitcoin’s trajectory, they remain speculative regarding Nakamoto’s holdings or identity. The deposition highlights Ripple’s strategic focus on building a robust payments ecosystem around XRP, contrasting with Bitcoin’s decentralized and opaque distribution model. This revelation adds a layer of intrigue to the ongoing legal battle between Ripple and the SEC, as well as to the broader cryptocurrency community’s fascination with the enigmatic figure of Satoshi Nakamoto.