Satoshi Nakamoto’s Bitcoin wealth hits $120B, but can he overtake Elon Musk now?

• Satoshi Nakamoto is now the 11th richest person in the world, surpassing Bill Gates
• Bitcoin moving from peer-to-peer currency to digital gold amid declining on-chain uses

Satoshi Nakamoto, the enigmatic creator of Bitcoin [BTC], has now climbed the ranks of global wealth, becoming the world’s 11th richest individual with an estimated fortune of $120 billion.

11th richest person – Thanks to Bitcoin

This milestone follows Bitcoin’s historic price rally, one which recently drove the asset to an all-time high near $112,000. This, before a slight correction pushed the crypto to trade at $109,331 on the price charts. 

While fears once circulated about U.S spot Bitcoin ETFs surpassing Nakamoto’s holdings, those concerns have since faded.

In fact, blockchain analytics firm Arkham Intelligence recently reaffirmed that a cluster of dormant wallets, long believed to be under Nakamoto’s control, remains untouched since his disappearance in 2011.

These wallets reportedly contain around 5.2% of Bitcoin’s total supply, a figure that underscores Nakamoto’s lingering influence over the crypto market despite his silence.

Community reactions

Reacting to this news, an X user added, 

“The world’s most silent billionaire.”

Echoing similar sentiments, another user said, 

However, not everyone shared the same views, with one commenting, 

“He’s likely passed away years ago, so that $BTC is lost.”

Despite ongoing speculation surrounding Satoshi Nakamoto’s true identity, ranging from Hal Finney to Nick Szabo, the mystery remains unsolved.

And yet, what is clear is the growing concern over the impact his dormant Bitcoin holdings could have if they are ever moved or liquidated.

Here, it’s worth noting that Nakamoto’s net worth has now skyrocketed past that of Bill Gates, driven entirely by Bitcoin’s meteoric price rise on the charts. 

Elon Musk, with an estimated fortune of $395.6 billion, is among the ones leading the global wealth chart right now. 

Analysts believe that for Nakamoto to overtake Musk and claim the top spot, Bitcoin would need to hit a staggering value of $360,000. 

Concerns surrounding Bitcoin’s rise in price

Amid Bitcoin’s soaring market value, a contrasting trend has emerged though. Especially as its on-chain activity plummeted to historic lows.

Such a disconnect between rising prices and declining usage underscores a fundamental shift in how Bitcoin is being perceived and utilized.

More users are migrating to centralized exchanges and turning to more cost-effective blockchains for everyday transactions. It can be argued that Bitcoin appears to be shedding its original identity as a peer-to-peer cash system.

Instead, it is increasingly being seen and treated as a long-term store of value.

Thanks to this evolution, the notion of Bitcoin as “digital gold” seems less like a metaphor and more like a definitive reality.