Blockchain Blog

Bitcoin News for the week of 12/7/15

Welcome to our weekly bitcoin news recap, where we cover top headlines and stories in the world of bitcoin each week. This week we saw some breaking news stories including another attempt to identify Bitcoin creator Satoshi Nakamoto, but as it turns out, the truth is stranger than the fiction; and the mystery remains intact. We saw the price and transaction break records this week, but as the year comes to an end, does 2016 hold even more excitement and opportunity for us? Read about that and more in this week’s news recap.

It’s not the person, it’s the idea

![Longest Proof-of-Work Chain, by Satoshi Nakamoto via the Bitcoin Whitepaper ](https://blog.blockchain.com/content/images/2015/12/pow-bitcoin-whitepaper-satoshi.png)
Longest Proof-of-Work Chain, by Satoshi Nakamoto via the Bitcoin Whitepaper
[‘Who is Satoshi?’ is the Most Irrelevant Question in Bitcoin](https://news.bitcoin.com/satoshi-irrelevant-question-bitcoin/)

In the most recent attempt to uncover the identity of Satoshi Nakamoto, both Wired and Gizmodo released information this week that they claim points to Australian entrepreneur Dr. Craig Steven Wright. Their accounts have already been disputed, and many questions linger. But the most relevant question is: does it matter who Satoshi is?

Fortunately, Motherboard did a great write-up debunking the latest attempt to identify Satoshi, stating that the PGP keys are probably backdated and point to a hoax. Cornell University professor Emin Gün Sirer also penned a great article on how to spot Satoshi, stating the latest claim is false citing irresponsible journalism; by the way Wired has already printed a follow up to their original article saying also that this may be a hoax after all.

Bitcoin price takes a leap

![The price of bitcoin via markets.blockchain.info](https://blog.blockchain.com/content/images/2015/12/bitcoin-price-dec-11-2015.png)
The price of bitcoin via markets.blockchain.info
[Bitcoin Price Rockets To One-Year High on Record Volumes](http://www.coindesk.com/bitcoin-price-at-one-year-high-on-record-volumes/)

The price of bitcoin has hit its highest closing price in the last year. Bitcoin has gained an astonishing $115 or 36% over the last two weeks. It was changing hands for $320 a coin on 25th November. The price briefly touched $500 on some exchanges on 4th November before dropping under $400 in the following days. Blockchain wallets also hit a record number of daily transactions earlier this week, which is another great example of the growing bitcoin ecosystem.

The Wall Street Journal reported that the bitcoin rally was being driven by traders arbitraging the cryptocurrency and units of the Bitcoin Investment Trust (GBTC), which is publicly traded. However, there are many contributing factors to price spikes, for example there was good news that arised this week after the Scaling Bitcoin conference which introduced the Segregated Witness concept. In addition many were bullish after learning that Overstock.com S-3 filings detailed $500 million of digital securities on the bitcoin blockchain. And in exciting news, former senior White House staffer joined bitcoin mining company BitFury, which made headlines.

What’s in store for 2016

![Zodiac image via chinahighlights.com](https://blog.blockchain.com/content/images/2015/12/monkey-zodiac-2016.jpg)
Zodiac image via chinahighlights.com
[8 Reasons That Bitcoin Price Could Explode in 2016](http://thedcacademy.com/8-reasons-that-bitcoin-price-could-explode-in-2016/)

The real question moving ahead though is what will happen to the price in the upcoming year. Looking at the present economic situation and a few other factors, there is a real chance that the bitcoin price could rocket higher. In the long run, some are forecasting that the price of bitcoin could reach highs as much as $1,000,000.

Bloomberg put together a great list of what to expect in 2016; spoiler, the list includes unicorns, miners, and mystery! If you’re thinking of investing in bitcoin, Forbes put together a list of ten arguments in favor of it. And if you believe in astrology, the Zodiac symbol for the year 2016 is the Monkey, whose best suited careers are accounting, banking, and engineering; clearly 2016 is going to be interesting.

Investments and startups

![A photograph of various light bulbs by Ramjar via Wikimedia ](https://blog.blockchain.com/content/images/2015/12/light-bulb-ideas.png)
A photograph of various light bulbs by Ramjar via Wikimedia
[Purse Raises $1 Million, Plans ‘Secret Bitcoin Project’](http://www.coindesk.com/purse-raises-1-million-plans-secret-bitcoin-project/)

Bitcoin e-commerce startup Purse has raised $1m in seed funding in a round led by investor Barry Silbert’s Digital Currency Group. The funding is the latest for Purse, which runs a two-sided e-commerce marketplace that offers both steep discounts to Amazon shoppers willing to pay in bitcoin and allows gift cards to be exchanged for digital currency.

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