Reporting crypto receipts surpassing $10,000 is compulsory in the crypto universe, as per the new laws. Satoshi Nakamoto, the creator of Bitcoin (BTC) is believed to have disclosed the identity. While honoring the 15th anniversary of Bitcoin, Satoshi’s wallet witnessed the transfer of over $1.1 Million Bitcoin. The transaction has sparked belief among legal experts and crypto fans.
Satoshi Nakamoto Wallet Transfer
The new Internal Revenue Service (IRS) rule made Satoshi Nakamoto disclose his identity or break the rules. According to the new rule, an individual transferring more than $10K needs to report crypto receipts.
But, how did this new law put Satoshi in Difficulty?
While celebrating the 15 Anniversary of Bitcoin, the crypto society witnessed the transfer of funds to Satoshi Nakamoto’s wallet. The news simply surprised the crypto universe and sparked conspiracy among legal professionals and crypto fans.
On January 6, 2024, a recorded transaction was tried as an individual moved over $1.1 Million in Bitcoin to Satoshi Nakamoto’s wallet address 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa. The wallet holds over 99.67 BTC worth about $4.3 Million.
Influencing the market sentiment, a call for attention, or ongoing Bitcoin ETF approval could be the main motives behind the transfer. However, the motive behind the transfer is not the matter, the matter is the amount and wallet to which the transfer is attempted.
As per the new IRS rules, individuals need to report any receipt of crypto over $10K and Satoshi transferred around $1.1 Million, placing Satoshi in dilemma. Here, Satoshi Nakamoto has two options, either dox himself or risk the legal consequences.
As Satoshi’s identity is still surrounded by anonymity, it would be impressive to see the effect of the news on the crypto market. The legal experts and the entire crypto society are waiting for Satoshi’s next movement. The choice is to concede with the new rules or disclose the identity.
What Experts Saying
The scenario is expected to have potential implications on the crypto market, making legal experts express their views.
Jeremy Hogan, the legal expert in crypto matters, highlights the key implications of the transaction on the recent IRS regulations.
In addition to this, market analysts are closely working to identify the possible reasons behind the significant transfer. Influencing the crypto market or ongoing discussion on the Bitcoin ETF approval are expected to be the main reasons. However, Bitcoin’s 15 anniversary fueling speculation.
Bitcoin’s present price is $46,586.28, it witnessed a hike of 5.34% in the past 24 hours with a market cap of $913,620,970,684.
