U.Today – As the crypto market faces a sell-off, a statement by mysterious creator Satoshi Nakamoto has resurfaced and is attracting the attention of the crypto community. This statement, also echoed by Bitcoin historian Pete Rizzo, emphasizes the concept of scarcity, which remains key to Bitcoin's value proposition.
“Satoshi Nakamoto talked about the scarcity of $0 Bitcoin exactly 15 years ago. Only 21 million,” Rizzo wrote while sharing his historic statement on X.
A statement from the Bitcoin founders reads: “(Lost) coins can never be recovered. As the effective circulation decreases, the value of all remaining coins will be marginally smaller. This is the opposite of what happens when a government prints money.
This statement dates back 15 years and is believed to have been made on December 10, 2009, when Bitcoin's value was $0, but Satoshi said limited supply would have a severe impact on the economy. I had the foresight to give. Bitcoin's unique hard cap of 21 million coins stems from this concept of scarcity, which distinguishes it from traditional fiat currencies that can be printed without limit.
Although Bitcoin's price is facing pressure from the broader market decline, Satoshi's comments remain relevant. Fixed supply remains the primary driver of Bitcoin's value, ensuring its scarcity regardless of short-term price fluctuations.
Bitcoin price decline
Prices plummeted across the crypto market on Tuesday, with Bitcoin (BTC) falling to a low of $94,220. The decline led to the liquidation of approximately $1.57 billion in crypto positions, according to data from CoinGlass.
Bitcoin hit an all-time high of $104,000 on Coinbase (NASDAQ:) on Dec. 5, but has struggled to break the six-digit barrier since then. Bitcoin fell 0.28% in the past 24 hours to trade at $97,905.
According to CryptoQuant, the current market decline has elicited a strong reaction from institutional investors. Amid panic selling, especially on platforms like Binance, where there are many small-scale investors, institutional investors in the United States are actively seizing opportunities to buy on exchanges like Coinbase.
Amid the decline, Nakamoto's early comments about scarcity and value resonate more than ever.
This article was originally published on U.Today
