Man accused by HBO of being creator of Bitcoin is forced into hiding | Bitcoin News by CoinCorner

Transcript

Bitcoin's so-called "People's Champion," Michael Saylor, has sparked outrage in the community this week, labelling Bitcoin self-custody holders as "paranoid crypto-anarchists." Bitcoin developer Peter Todd has been forced into hiding after HBO accused him of being Bitcoin's creator, Satoshi Nakamoto. It has also been revealed that El Salvador's Bitcoin experiment may be leading to slow but steady adoption across the nation.

Welcome back to Bitcoin News, brought to you by Coin Corner. I’m your host, Alex Glass. Now, let’s dive straight into this week's top stories. Starting with Bitcoin's price, it's been a fairly uneventful week, with the price consolidating between $66,000 and $69,000 per coin. Though slow, this stability could strengthen support at these prices, with a potential big move on the horizon. We'll have to wait and see if it breaks above this critical resistance level or is rejected to lower prices.

Now, for our first story: in El Salvador, a recent survey found that 7.5% of Salvadorans now use Bitcoin for everyday transactions. This may sound like a small percentage, but it equates to 475,000 people. The fact that almost half a million citizens now use Bitcoin daily for transactions is impressive, especially considering El Salvador’s history of currency instability. Slow adoption was anticipated, as building trust, educating the public, and understanding money fundamentals takes time. Bitcoin is still viewed by many as a risky asset, and with a market cap of just $1.4 trillion, it remains a drop in the ocean compared to global wealth. Many believe that widespread merchant adoption requires a higher valuation to limit volatility. Nevertheless, its high user base in El Salvador after just three years as legal tender is encouraging.

Shifting gears, this week the FBI arrested a man in Alabama suspected of hacking the SEC’s X account earlier this year. On 9th January, the Securities and Exchange Commission posted on X, saying that the SEC granted approval for Bitcoin ETFs on all registered national securities exchanges. However, later that day, it was revealed that the account had been compromised, and this was, in fact, a fake post. At the time, there was significant anticipation for Bitcoin ETF approvals, and the official announcement came just two days later. The FBI has now taken 25-year-old Eric Council Jr. into custody on charges of conspiracy to commit aggravated identity theft and access device fraud. His case will be prosecuted in the federal court of Washington D.C., where a grand jury issued the indictment.

Recently, HBO released a somewhat controversial documentary claiming that Bitcoin developer Peter Todd is, in fact, Satoshi Nakamoto. Following the film's release, it has been reported that Todd has gone into hiding. You might wonder if this is because the documentary was accurate. Todd, however, still rejects these allegations as absurd. He has since shared images of himself engaging in outdoor activities like skiing, with metadata suggesting they were taken around the same time that Satoshi was posting on the Bitcoin Talk forum. The real reason Todd has gone into hiding is for his own safety. Filmmaker Cullen Hoback has placed a target on Todd’s back, worth approximately $70 billion today. Todd mentioned that he’s already faced demands for money, with one person sending 25 emails over two days asking for financial assistance to repay a loan. He anticipates that continued harassment from "crazy people" will become the indefinite status quo. Todd has said that falsely claiming ordinary people are extraordinarily rich exposes them to risks like robbery and kidnapping. He added that Satoshi did not want to be found for good reasons, and no one should support those attempting to uncover Satoshi’s identity.

In other news, British man James Howells is suing Newport Council for £495 million in damages over a lost hard drive containing 8,000 Bitcoin. Back in 2013, the IT engineer accidentally disposed of a hard drive he claims holds nearly half a billion pounds worth of Bitcoin. Howells has made numerous attempts to retrieve the drive, offering the council 10% of the Bitcoin if he recovers it, but all his requests have been denied. The council stated that the landfill area in question is flagged for environmental permit breaches, with elevated levels of asbestos, arsenic, and methane, which could harm the surrounding area if disturbed. While tragic, this story highlights the importance of securing Bitcoin in ways that minimise human error.

Moving on, we have bullish news for Bitcoin from billionaire hedge fund manager Paul Tudor Jones, who recently revealed heavy investments in Bitcoin and gold as a hedge against inflation. Speaking to CNBC, he said, “I think all roads lead to inflation. I’m long gold; I’m long Bitcoin; I think commodities are ridiculously under-owned, so I’m long commodities.” The hedge fund manager admitted to owning Bitcoin both personally and through his firm, explaining that his strategy is to hedge against inflation and prepare for the possible election of pro-Bitcoin presidential candidate Donald Trump in November. Jones added that he’s not interested in fixed-income investments, given concerns that the U.S. government may attempt to "print its way out" of its mounting debt, now over $35 trillion.

Speaking of billionaires and Bitcoin, our final story this week brings us back to Michael Saylor, who recently sparked outrage in the community by labelling self-custody Bitcoin holders as "paranoid crypto-anarchists." Until these comments, Saylor was seen as the "People's Champion" in Bitcoin, especially for his work with MicroStrategy. However, with this remark, he crossed a line, stating that people are better off trusting Bitcoin in state custody rather than holding private keys. He further criticised businesses involved in custody projects, calling them "BS salesmen." Following backlash, Saylor has since posted on X to clarify his views, saying, “I support self-custody for those willing and able; the right to self-custody for all; and the freedom to choose the form of custody and custodian for individuals and institutions globally. Bitcoin benefits from all forms of investment by all types of entities and should welcome everyone.” This clarification has been well-received, easing some community concerns.

That’s all we have for you today. As always, make sure to hit that subscribe button below, and we’ll see you next week with more Bitcoin news.