Bitcoin Price Manipulation Linked To HBOs Satoshi Revelation, Expert Cautions
After days of anticipation, HBO is set to release its highly awaited documentary exploring the true identity of Satoshi Nakamoto, the enigmatic creator of Bitcoin (BTC).
While many are eager to uncover the individual behind this pseudonym, one expert warns that the documentary could lead to significant price manipulation in the Bitcoin market before its release.
In a recent post on X (formerly Twitter), market analyst OxNobler cautioned that while the focus may be on Nakamotos identity, the real issue lies in the potential market manipulation allegedly orchestrated by HBOs parent company, Warner Bros.
HBO Prepares To Unveil Satoshi Nakamotos Identity
The identity of Satoshi Nakamoto has long puzzled the cryptocurrency community, with various theories emerging over the past decade.
As recently reported by Bitcoinist, one prominent candidate is Len Sassaman, a developer known for his work on remailer technology, a precursor to Bitcoin.
Proponents of this theory point to several key facts, such as technical contributions, collaboration with Hal Finney, the first recipient of a BTC transaction, and a memorial to Sassaman encoded in the blockchain.
While many previously believed that Hal Finney was the man behind the Nakamoto pseudonym, new evidence has surfaced, prompting an ongoing re-examination of the mystery. However, OxNobler warns that the current media push to reveal Nakamotos identity may have another purpose.
Bitcoin Manipulation Linked To HBOs Documentary?
The expert highlights the documentarys release date, which coincides with key financial events, including the US Federal Reserves recent interest rate cut on September 18, the upcoming US elections and the confirmed $16 billion payout by FTX to creditors affected by its collapse in 2022.
These factors, combined with potential changes to Chinas cryptocurrency regulations, suggest that the revelation of Nakamotos identity could have far-reaching implications beyond mere price fluctuations, according to OxNobler.
The expert emphasizes the involvement of large institutional investors such as asset managers BlackRock, Vanguard and Fidelity, major players in the Bitcoin exchange-traded fund (ETF) space and Warner Bros.
According to OxNoblers analysis, these entities significantly impact the market, often initiating bull runs or selling off at the peak of excitement, with the upcoming documentary event perhaps having the same results for the Bitcoin price.
Ultimately, OxNobler speculates that HBO may adopt one of two bullish approaches in the documentary. In a moderate scenario, the film could present several candidates as possible identities for Satoshi Nakamoto without definitively naming one.
Alternatively, in an all-in scenario, the expert suggests that the HBO documentary might explicitly name the individual behind the Nakamoto alias and reveal that they passed away long ago.
The expert believes this revelation would mean that no one would have access to Nakamotos substantial holdings, potentially removing over 5% of the total Bitcoin supply from circulation and having a bullish effect on prices.
At the time of writing, BTC has managed to consolidate at $62,350 after the volatility at the end of last week saw the largest cryptocurrency on the market retreat to $59,500.
Featured image from DALL-E, chart from TradingView.com
Text source: NewsBTC
