What happens when a person whose existence is not confirmed is nominated to win a Nobel Prize? Usually, this doesn’t happen, but considering the fact that we have no idea who the creator of bitcoin really is, we might soon be witness to a world first.
Satoshi Nakamoto, which is the pseudonym of the creator of bitcoin, has his name on a paper published in 2008, talking about the concept of digital currencies, but also about what bitcoin is truly meant to be.
While for all we know, the person might not even exist, this hasn’t managed to stop UCLA Professor of Finance, Bhagwan Chowdhry to nominate Nakamoto to receive the Nobel Prize in economics. In a recent interview, the professor explains his choice:
The invention of bitcoin — a digital currency — is nothing short of revolutionary…it offers many advantages over both physical and paper currencies. It is secure, relying on almost unbreakable cryptographic code, can be divided into millions of smaller sub-units, and can be transferred securely and nearly instantaneously from one person to any other person in the world with access to internet bypassing governments, central banks and financial intermediaries such as Visa, Mastercard, Paypal or commercial banks eliminating time delays and transactions costs.
Based on this, regardless of the individual perception that people have on bitcoin, we must all agree on the fact that it represents a wonderful economic tool, advocating for personal liberty, and an overall better financial system, which is why the system is this clever.
Until now, a Nobel Prize was never awarded to an unknown person, or an unknown group of people, so we’re not yet sure how the Prize committee will deal with the nomination made by the economics professor.
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