Hungary to create a statue in honour of Satoshi Nakamoto

Local media in Hungary have announced that the creator of Bitcoin is to have a bust made to honour him in the capital Budapest. 

The mysterious Satoshi Nakamoto, attributed as being the founder of Bitcoin, has never had his identity revealed. Some believe he is a group of individuals rather than a solitary figure, and others believe that he may well be dead. Be that as it may, Nakamoto has managed to create the beginnings of a new financial system that has birthed the blockchain and everything that runs on it. 

Artists Réka Gergely and Tamás Gilly will be the artistic vision behind the statue, financed by the collective efforts of the crypto community in Hungary and four organisations; Mr. Coin, Crypto Academy, Blockchain Hungary Association and Blockchain Budapest.

In order to get around the lack of identity of the mysterious Nakamoto, the life size statue will have a “reflective or mirror-like face”. The idea is that people who view the statue will be able to see their own face reflected back at them, which reinforces the idea that “we are all Satoshi” according to the media outlet Index, Hungary. 

As Bitcoin represents anonymity and decentralisation, it stands to reason that the statue of the Bitcoin founder also embodies this vision. It has not been confirmed when the pseudonymous creator will receive this honour, however a total of 10,556.94 US dollars (local equivalent) was collected by the broader crypto community in Hungary. 

Hungary is known for being relatively friendly when it comes to cryptocurrency and it’s stance on cryptocurrency traders and investors. Recently the nation announced it would reduce the tax on cryptocurrency earnings by 50%, with the proposed plans aiming to bring in billions of Hungarian Forints to the budget.

And while Hungary has a relatively modest trading activity, it is expected that the recent government announcement will encourage greater transparency and increased activities by companies and retail traders alike. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.