Bitcoin's (CRYPTO: BTC) pseudonymous creator, Satoshi Nakamoto's estimated fortune has surged sharply, surpassing that of tech billionaire Bill Gates.
What happened: As of this writing, the wallet linked to Satoshi owned about $113.8 billion in Bitcoin, according to blockchain analytics firm Arkham.
Notably, the wealth of Microsoft co-founder Gates was estimated at $112.9 billion, according to Forbes’ Real-Time Billionaires list. Had Satoshi been ranked here, they would be the 12th-wealthiest person in the world.
It is collectively believed that Satoshi owns roughly 1.1 million Bitcoin, making up 5% of the coin's circulating supply.
Currently, Tesla and SpaceX CEO Elon Musk is ranked first on this super-rich list, with an eye-popping fortune of $395.6 billion. Theoretically, for Satoshi to become the world's wealthiest, Bitcoin's price has to hit $360,000 or above, which is currently an unrealistic expectation.
The surge in Satoshi’s wealth coincided with Bitcoin’s sharp recovery induced by U.S.-China trade deal optimism.
Price Action: At the time of writing, Bitcoin was exchanging hands at $103,987.78, up 0.28% in the last 24 hours, according to data from Benzinga Pro. Over the last year, the coin has gained over 70%.
Photo Courtesy: Szabolcs Magyar On Shutterstock.com
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