On May 21, Bitcoins (BTC) in block 3654 were moved. Of 50 BTCs at the address, 10 were moved, some of which were transferred to the US-based Coinbase. Because these coins were mined 37 days after the launch of BTC, it is speculated that they belong to Satoshi Nakamoto (who created the BTC protocol). The BTC market plunged, possibly in anticipation that Satoshi, who is believed to hold a large number of BTCs, might start selling them in large amounts.

So, the question is, are these really Satoshi’s coins? The answer is: it is highly unlikely.

First of all, Satoshi has never publicly stated which coins he has mined (a calculation process involved in issuing new BTCs) and the analysts who later identified Satoshi’s coins calculate that they amount to about 1 million BTCs. The analytical method used at that time is called the “ExtraNonce” analysis and tracking this shows clear mining patterns. Although Satoshi is believed to have mined coins by following a certain pattern, these coins do not fit that pattern. Which means that these coins have not been originally considered to be Satoshi’s coins. The market needs to calm down.

However, it is interesting to know that there are people who continue to hold BTCs that were mined in the earliest days of BTC and keep a private key to transfer them. Setting aside the topic of Satoshi, finding out the identity of this person is likely to spark interest among people.

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This comment was written by FISCO guest analyst Tetsuyuki Oishi (CEO of Bitcoin Lab; Twitter: @bigstonebtc). FISCO aims to provide diverse information to investors by connecting with individuals who actively provide information.