Crypto Markets: Chasing Satoshi

(April 14 Edition)

A new report from The New York Times suggests that Adam Back could be Satoshi Nakamoto, the mysterious creator of Bitcoin. Adam Back is a well known figure in crypto, especially for creating Hashcash, a system that influenced Bitcoin’s design. The article connects technical writing styles, early involvement, and timing as part of its reasoning. Still, this isn’t the first time someone has been named as Satoshi, and none of these claims have ever been proven. Back himself has denied being Satoshi in the past. For most people, the identity doesn’t change how Bitcoin works or its value. The bigger takeaway is that the mystery around Bitcoin still adds to its story and appeal.

Over the years, others like Hal Finney and Nick Szabo have also been speculated as possible candidates, but no claim has ever been confirmed. Early Bitcoin users and developers often interacted directly with Satoshi on forums, but even they never uncovered a real identity, which only deepens the mystery.

Iran is reportedly considering requiring Bitcoin payments for ships passing through the Strait of Hormuz. This is a major global trade route where a large portion of the world’s oil supply moves daily. If true, it would be one of the first times a country uses Bitcoin directly in international shipping payments. The move could be an attempt to bypass traditional banking systems and sanctions.

For everyday people, it shows how crypto can be used outside of investing, in real world economic activity. It could also increase demand for Bitcoin if large shipping companies are forced to use it. At the same time, it may raise tensions globally due to the strategic importance of the region.

Trading volume for oil perpetual futures has exploded, with over $4 billion traded in 24 hours on Hyperliquid. WTI crude oil alone saw more than $2.6 billion in volume, while Brent crude oil reached $1.4 billion. Perpetual futures, or “perps,” let traders bet on price movements without owning the actual asset. This kind of volume signals strong interest and volatility in oil markets.

For regular investors, it means big players are actively trading and speculating on oil prices. It also shows how crypto platforms are expanding beyond just digital assets into traditional commodities. The line between crypto trading and traditional finance continues to blur.

Tech moves fast, but you're still playing catch-up?

That's exactly why 200K+ engineers working at Google, Meta, and Apple read The Code twice a week.

Here's what you get:

All delivered twice a week in just 2 short emails.

Join 200K+ engineers

Morgan Stanley’s spot Bitcoin ETF pulled in $34 million in new investments. ETFs make it easier for everyday investors to gain exposure to Bitcoin without directly buying or storing it. This steady inflow shows that institutional and retail interest in Bitcoin is still strong. Even smaller daily inflows can add up over time and support price stability.

For beginners, this is one of the simplest ways to invest in crypto through traditional brokerage accounts. It also signals growing acceptance of Bitcoin in mainstream finance. The more money that flows into ETFs, the more integrated crypto becomes with the traditional system.

MicroStrategy, now often referred to simply as Strategy, added another $330 million worth of Bitcoin to its holdings. The company has become one of the largest corporate holders of Bitcoin over the years. This move reinforces its long-term belief that Bitcoin is a store of value. For everyday investors, it’s a signal that major companies are still accumulating, not selling. Large purchases like this can also impact market sentiment and price direction.

It shows confidence despite market volatility. Strategy continues to double down on Bitcoin as a core part of its treasury strategy.