Bitcoin soared to an all-time high this week thanks to massive inflows from newly launched ETFs, which signaled to many that the original cryptocurrency—once derided by Wall Street as a scam—is a legitimate mainstream investment. That’s a view that I hold but, at the same time, Bitcoin is still subject to some particular risks that, while unlikely, could deliver a price shock. One that has been on my mind (and that I wrote about at length here) is the influence of Satoshi Nakamoto, who owns over a million Bitcoins that haven’t moved in well over a decade.Everyone assumes that Satoshi will…
