Ripple CTO’s Deposition Sparks Debate Over Satoshi’s Alleged XRP Fortune

• Ripple Labs CTO’s alleged deposition in the just-concluded lawsuit suggests that Bitcoin creator Satoshi Nakamoto held a large amount of XRP in 2017.

• This claim has rekindled the longstanding speculation that David Schwartz could be the anonymous Satoshi Nakamoto. 

In less than a week after we reported the conclusion of the multi-year legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs, a new debate triggered by a 2021 deposition has erupted among enthusiasts. 

The Background of This Debate

Ripple Labs CTO David Schwartz made an interesting revelation on why Ripple focused on creating a payment system around XRP when Bitcoin barely enjoyed such attention. To him, Ripple’s control over the asset gives them an edge over competitors. In explaining how this does not differentiate XRP from BTC, Schwartz acknowledged the difficulty in tracking distributions related to the biggest crypto by market cap. 

Another part of Schwartz’s 2021 deposition in the SEC vs Ripple lawsuit, shared by an X handle created to record Ripple’s history, Documenting Ripple, alleged that the Bitcoin creator, Satoshi Nakamoto, probably held an enormous amount of XRP in 2017. 

Satoshi Nakamoto held $XRP:
Satoshi Nakamoto held an “enormous amount of XRP” according to David Schwartz.
I wonder how #Bitcoin maxis can sleep with this piece of information. pic.twitter.com/COASTWqdh6— EDO FARINA ???? XRP (@edward_farina) August 12, 2024

This information was also shared by the CEO of Alpha Lions Academy, Edoardo Farina, who questioned the longstanding position of Bitcoin maximalists who advocate that BTC is superior and the only legitimate crypto. One such maximalist, Max Keiser, predicted a complete crash of XRP to $0.01 in January. 

According to experts, Satoshi’s genuine possession of XRP could signal a broader interest in the development and success of other blockchains. Contrary to the reigning speculations, others suspect that Satoshi might have explored different cryptos in the early stages without necessarily endorsing them. Regardless of the answer, his XRP holding theory could never be confirmed since his identity remains completely anonymous. However, Schwartz has been speculated to be the creator of the mysterious Bitcoin. 

Is the Ripple CTO David Schwartz the Mysterious Satoshi Nakamoto?

With his trending deposition adding to the longstanding evidence that he could be the mysterious Bitcoin creator, Schwartz’s earlier announcement to explore new endeavors is reported to coincide with Nakamoto’s decision to move to other things in 2011. Specifically, there is an interesting coincidence between Satoshi’s exit from Bitcoin and the early development of the XRP Ledger (XRPL) commenced by Schwartz, Arthur Britto, and Jed McCaleb in 2012. 

Satoshi was also reported to have lauded Ripple for the creation of a reliable system free from centralization. However, this was said to be directed to the main 2004 Ripple concept by Ryan Fugger. 

Another reason why Schwartz is associated with the Bitcoin creator is that the date (November 16, 2009) Satoshi shared the pre-released version of the Bitcoin code coincided with the birthday of the Ripple CTO. 

In his appearance at the annual XRP Las Vegas 2024 conference, Schwartz put these speculations to bed by clarifying that while he possesses the requisite skill set, he is unfamiliar with the Qt interface, a key aspect of the early Bitcoin code. 

He also disclosed that his awareness of Bitcoin only occurred in 2011. In summary, Schwartz admitted that these rumors are plausible, even though they are not true. 

At press time, XRP was trading at $0.57 after surging by 1.27% in the last 24 hours.