The Bitcoin protocol is the first in history that has made it possible to create and sustain a decentralized monetary system. While fiat currencies inevitably tend to depreciate and favor spending over time, BTC may be an excellent means of saving.
Lex Friedman, a research scientist at the Massachusetts Institute of Technology, proposed awarding a Nobel Prize to Satoshi Nakamoto. Michael Saylor, the co-founder of MicroStrategy, and many other people responded to his idea with optimism.
It would be technically impossible to award an anonymous or deceased person a Nobel Prize. However, there could be posthumous official recognition of the inventor of Bitcoin as the proposal has solid foundations.
Although Satoshi Nakamoto has not moved any BTC since 2011, many believe he might still be alive. Others think that a group is behind the pseudonym, but two hypotheses lead to Hal Finney and Dave Kleiman, who are dead.
Some Consider the Work of Nakamoto Deserves the Nobel Prize
The idea would be to award the Nobel Prize in economics to Nakamoto, as Bitcoin resembles a mathematical study of global finance.
The Bitcoin protocol is the first in human history that has made it possible to create and sustain a decentralized monetary system.
Although Bitcoin does not have a single source of reliable information, the data related to the transactions in its blockchain is reliable.
Besides being impossible to counterfeit, Bitcoin allows users to verify the accuracy of transactions autonomously without depending on intermediaries.
The Idea of Creating Bitcoin Emerges as a Financial Revolution
The idea of Satoshi Nakamoto behind the creation of Bitcoin is revolutionary from a financial point of view. Those who issue and manage fiat currencies may produce them in arbitrary amounts, weakening their value.
A currency with a fixed supply or prone to deflation might cause some problems as a means of payment. However, combining it with traditional fiat currencies with variable and arbitrary supply may offer advantages.
Central banks can create as much money as they want, although it leads to the rise of inflation. Although Bitcoin may not be a practical means of payment, it can be an excellent means of saving. Meanwhile, fiat currencies inevitably tend to lose value over time, favoring spending.
Therefore, many believe that Satoshi Nakamoto would be worthy of receiving a Nobel Prize for inventing the first alternative to traditional fiat currencies.
Since it is impossible to award the Nobel Prize to him, it would be convenient to imagine another type of recognition. In addition, it is difficult to argue that the creator of the pioneering cryptocurrency does not deserve to receive it.
Nakamoto created a technology that gave life to a financial asset that marked the start of a new era. In 2009, the value of BTC was zero, but it began trading in fiat currency in mid-2010 before Satoshi disappeared.
Bitcoin is trading at around USD 19,128 and has accumulated a 0.4% gain over the last 24 hours. While its daily trading volume is above USD 12.88 billion, its market capitalization is about USD 366.90 billion, according to CoinGeccko.
By Alexander Salazar