Craig Wright Bitcoin Trial: Trial of the Century?
Claims by Craig Wright that he is the true creator of Bitcoin could be settled in court, in what commentators are calling the ‘trial of the century’.
The identity of Bitcoin’s creator Satoshi Nakamoto remains the crypto industry’s biggest secret, there is one person who claims he is the founder of the world’s first digital decentralised currency.
Australian computer scientist Craig Wright has stood by the claim since 2016 and a court in Miami is set to determine, once and for all, if Wright did indeed have some part in the development of Bitcoin.
Of course, access to 1.1 million Bitcoin in a locked wallet has nothing to do with the settling of the case, but is a strong reason to determine the facts.
The case centres around whether Craig Wright acted alone or with a now deceased partner in setting up and developing the Bitcoin source code. A jury of 10 have three weeks to listen to evidence and determine the facts of the case.
Craig Wright’s claim for sole ownership and development of the Bitcoin source code centres around his autism and the lack of a written agreement between himself and the other party, the now deceased David Kleiman.
One of the easiest ways to determine the author of the original source code and resulting locked Bitcoin wallet is to find out who can access the original funds. However, to date no one has been able to conclusively prove they own or can access the keys to open up the wallet.
The $69 Billion Question
With the current price of Bitcoin floating around $63,500 determining the custody of 1.1 million, Bitcoin has serious ramifications. Should the case settle in anyone’s favour, the locked Bitcoin may become released and immediately placed for sale on the open market.
The impact of $69 billion worth of Bitcoin entering the market would send huge shock waves through the industry and have a serious effect on the price and stability of the world’s number one digital currency. The case continues.
Bitcoin Price Explosion
A huge price surge saw Bitcoin explode more than $1,500 in a matter of minutes on Tuesday morning surpassing the highest price within a week.
Bitcoin Price Explosion came after days of sideways action and little volatility however many industry experts were expecting the price move.
This positive move adds to the bullish feel that has accompanied Bitcoin throughout October and most of 2021 with many investors seeking to jump on board the cryptocurrency express. Another bullish indicator saw the Relative Strength Index (RSI) move into 70 which typically indicates an asset is in high demand.
Author: Mark Harridge
Mark Harridge first came across Bitcoin and began to use its peer-to-peer payment network in mid to late-2011. He quickly understood that this technology would change the world. Mark is passionate about crypto adoption, from a macro economic and institutional perspective, and the numerous factors that fuel the relentless march towards individual self sovereignty and the decentralised society of the future.