Bitcoin has been around for a while now. If somebody asks you what bitcoin has so far, what would be your answer? You would probably say, bitcoin has greatly influenced the global economy, brought about a sea change in banking and finance sectors and it is empowering the unbanked and underbanked across the world.
If you read the response closely, you will realize that bitcoin is doing something very innovative and important to the global economy. One single currency bringing about a sea change in the age old traditional economy which has been in practice for a while now. The credit to such change goes to the creator of bitcoin among others. Even though the bitcoin community plays a crucial role in adoption and popularity of bitcoin, without Satoshi Nakamoto, bitcoin wouldn’t even be there.
The innovation and its impact is worth recognition, and what better recognition is there other than Nobel Prize? While nobody is really sure about who Satoshi Nakamoto really is, he is now nominated for the Nobel Prize in Economics. He was nominated by Professor Bhagwan Chowdhry, professor of finance in the University of California, Los Angeles (UCLA) and University of Chicago. He announced his choice of nomination in one of his blog articles on the Huffington Post.
Due to the anonymity and shroud of mystery surrounding Satoshi Nakamoto, Professor Bhagwan Choudhry also mentions that he will be more than happy to receive the Nobel Prize in Economics on Satoshi Nakamoto’s behalf. While reasoning about the logic behind nominating Satoshi Nakamoto, the professor states that bitcoin is one digital currency that offers a lot of advantages over traditional paper fiat currency. According to him, some of the properties of bitcoin that makes it better than other currencies includes its security, the extent of divisibility, ease of transfer across the world and also its decentralized nature which is capable of completely bypassing the governments, central banks and other third party companies acting as intermediaries.
It is yet to be seen whether Satoshi Nakamoto will become this year’s Nobel Prize recipient or not.