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Statue of Bitcoin (BTC) inventor installed in Hungary

Fri 17 Sep 2021 ▪ 17h20 ▪ 3 min read — by Hugh Renolds

A statue of the creator of Bitcoin has been unveiled in the Budapest Business Park right next to the statue of Apple founder Steve Jobs. On Thursday, Hungarian Bitcoin enthusiasts erected a statue in Budapest that is essentially the world’s first statue honouring Satoshi Nakamoto, the mysterious inventor of the virtual currency that is on the top of the cryptocurrency rankings.

It’s a bronze bust depicting a hooded figure, implying that Satoshi Nakamoto’s true identity is unknown. Even their name may not be real.

The history of the statue

The sculpture, placed in the Business Park next to the statue of Apple founder Steve Jobs, was the idea of the Hungarian inventor Erno Rubik and the crypto entrepreneur and journalist Andras Gyorfi. The initiative was funded by four Hungarian cryptocurrency organisations.

Before the exhibition, Gyorfi had been studying the connections between digital art and blockchain technology, which lead him to the idea of erecting a statue to Satoshi Nakamoto in Budapest.

The message

To reflect the mystery surrounding the true identity of the Bitcoin creator, the sculptors Tamás Gilly and Reka Gergely turned his face into a kind of mirror.

In Gilly’s opinion, the main idea of Bitcoin is that it belongs to all the people on the Internet and therefore, we are all Satoshi. Anyone can recognise themselves by looking at the face of the statue.

A brief history of Bitcoin

Bitcoin appeared soon after the Global Financial Crisis of 2008. The main idea of its creator was to succeed traditional monetary and financial institutions, such as central banks.

In the whitepaper, published on 31 October 2008 and written by Nakamoto, it was explained as a system for carrying out online peer-to-peer online transactions without resorting to third-party financial institutions.

Ever since the original block of 50 BTC was forged in January 2009, about 18.8 Million Bitcoin have been in circulation.

Cryptocurrency has always been subject to dramatic price fluctuations. But with each passing year, Bitcoin is gaining support from both small and large investors, including that of Wall Street and Tesla founder Elon Musk. This month Bitcoin became legal tender in El Salvador, which is unprecedented.

The community is still speculating as to who was hiding under the alias Satoshi Nakamoto. Hungarian crypto enthusiasts suspect that it could be the Hungarian-born American cryptographer Nick Szabo.

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Hugh Renolds avatar
Hugh Renolds

I believe in the bright future of crypto. I have been investing since 2017 and look to share my experience in, and thoughts on, crypto and the blockchain.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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