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What is the significance of April 5 – Satoshi Nakamoto’s birthday?


Fourteen years after the launch of Bitcoin, the true identity of its creator alias (or group of creators) Satoshi Nakamoto is still unknown. Crypto enthusiasts have been trying to unearth the veiled identity behind this name for years now. They have built several theories around every publicly available detail attached to this pseudonymous identity, including his/her/their birthday.

Nakamoto registered his birthday on April 5, 1975 on the P2P Foundation. This is the platform where he/she/they first mentioned the conceptualization of the Bitcoin blockchain.

If the date is valid, the creator of the blockchain just turned 47 this year. If not, we are left with the obvious question, why did they put that exact date? Well, there are several theories floating around, but one seems to hold more weight than the others.

On April 5, 1933, President Franklin Roosevelt signed Executive Order Number 6102, also known as the Gold Confiscation Act. He ruled the “hoarding” of gold coins, gold certificates, and gold bullion by US citizens illegal.

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According to this mandate, Americans had about a month to surrender the gold assets they owned to the Federal Reserve for just $20, which is worth $436.5 today. They were only allowed to keep gold worth less than $100.

The reason for this ordinance was simple: to curb the accumulation of gold by households. Indeed, at that time, the United States followed the “gold standard” for its currency. This meant that the value of the US dollar was pegged to the amount of gold held by the Federal Reserve.

According to the Federal Reserve Act of 1913, 40% of all notes in circulation had to be backed by gold. However, this policy hampered expansion as a fixed exchange rate had to be adhered to regardless of the economic situation. This had a direct impact on employment and further hurt the country’s financial performance.

By redirecting all that gold to the Federal Reserve, Roosevelt was able to increase the money supply during the Great Depression. And while this greatly reduced the nation’s debt, the order also deprived the people of their hard-earned money, which they preserved in the form of gold. It is widely believed that Satoshi Nakamoto chose this specific date to condemn the heartbreaking event.

Interestingly, the birth year listed, 1975, coincides with the year President Gerard Ford reversed this order. In 1975, the people of the United States could once again own as much gold as they wanted without the intervention of any regulatory body.

It is also very likely that it is for the same reason that Bitcoin has been labeled “digital gold” by cryptocurrency proponents. While it’s impossible to determine whether April 5, 1975 marks the legendary creator’s true birthday or mourns a tragic event, it’s the most plausible connection between the two.

(Edited by : Chloka Badkar)

First post: STI


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