Satoshi Nakamoto's Wallet Receives Bitcoin Transfer Worth IDR 18 Billion

Image : Woman Holding Bitcoin Source : Photo by André François McKenzie on Unsplash

An anonymous individual has sent Bitcoin via Binance, amounting to US$1.2 million or approximately IDR 18 billion, equivalent to around 26.92 BTC, to the Genesis Wallet on January 5, 2024.

The Genesis Wallet is the wallet used by Satoshi Nakamoto to mine Bitcoin on January 3, 2009. This transaction occurred just two days after the 15th-anniversary celebration of the Genesis block.

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Sending cryptocurrency to this account is not uncommon, as crypto users regularly send small amounts of Bitcoin to the Genesis wallet as a form of homage to Nakamoto, whose identity remains mysterious to this day.

"Whether Satoshi woke up, bought 27 bitcoins from Binance, and stored them in their wallet, or someone just threw away a million dollars," wrote Coinbase director Conor Grogan on Twitter Friday night.

Speculation and Theories

Image : Bitcoin Cash Source : Photo by David Shares on Unsplash

The crypto community is abuzz with theories about this mysterious transaction. Some argue that it might be a marketing stunt related to Bitcoin ETF enthusiasm, while others speculate it could be an error.

Jeremy Hogan, a partner at the Hogan & Hogan law firm, theorizes that the transaction might be an attempt to reveal the identity of the Bitcoin creator, taking advantage of the new US tax rules. Taxpayers in the US are required to report any crypto transactions over US$10,000 to the Internal Revenue Service (IRS) starting this year.

"The only thing that makes sense is the sender outing Satoshi; they either did it themselves or broke the law," Hogan said in a post.

However, Hogan's theory has its flaws, as the transaction amount far exceeds the required threshold, and the new IRS policy likely applies primarily to payments received for goods or services.

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