The Manila Times

Statue to Bitcoin inventor unveiled in Budapest

BUDAPEST, HUNGARY: Hungarian Bitcoin enthusiasts unveiled a statue in Budapest on Thursday (Friday in Manila), which they say is the first in the world to honor Satoshi Nakamoto, the enigmatic inventor of the virtual currency.

The bronze bust is of a hooded figure, in an allusion to the fact that the true identity of Nakamoto — a pseudonym — is unknown.

The sculpture, erected in a business park alongside a statue of Apple founder Steve Jobs and an installation by Hungarian inventor Erno Rubik, was the brainchild of entrepreneur and Bitcoin journalist Andras Gyorfi.

It was financed by four Hungarian cryptocurrency organizations.

“Back in March, I was researching the connection between digital art and blockchain,” the technology behind Bitcoin, Gyorfi told Agence France-Presse (AFP) before the unveiling.

“And I thought: ‘Why shouldn’t Satoshi have a statue in Budapest?,’” he asked.

To reflect the mystery surrounding the true identity of Bitcoin’s founder, sculptors Tamas Gilly and Reka Gergely turned the face into a sort of mirror.

“The basic concept of Bitcoin is that it belongs to everyone, the people of the internet, that we are all Satoshi,” Gilly told AFP in his workshop just outside Budapest earlier this month.

“So anyone can recognize themselves when looking at their face,” he said.

Created following the 2008 global financial crisis, Bitcoin aspired to overthrow traditional monetary and financial institutions such as central banks.

The founding white paper, published on Oct. 31, 2008 and penned by Nakamoto, included the key goal of processing online payments between two parties without passing via a financial institution.

Since a first block of 50 Bitcoins was created in January 2009, around 18.8 million units are currently in circulation.

The cryptocurrency has been on a rollercoaster ride recently, witnessing wild swings in price.

Foreign Business

en-ph

2021-09-18T07:00:00.0000000Z

2021-09-18T07:00:00.0000000Z

https://digitaledition.manilatimes.net/article/281895891376371

The Manila Times