Bitcoin’s reclusive inventor Satoshi Nakamoto was chosen by finance professor from UCLA and University of Chicago Professor Bhagwan Chowdhry. He was asked by the Nobel Prize committee to nominate someone for the prize, and explained his choice to the Huffington Post.
“I can barely think of another innovation in economics and finance in the last several decades whose influence surpasses the welfare increases that will be engendered by Satoshi Nakamoto’s brilliant, path-breaking invention. That is why I am nominating him for the Nobel Prize in Economics.”
The Nobel Prize in Economic Sciences was established by the Swedish central bank, Sveriges Riksbank, in memory of Nobel Prize founder Alfred Nobel. It has been awarded by the Royal Swedish Academy of Sciences since 1969.
The invention of the bitcoin is nothing short of revolutionary, according to Chowdhry. The digital currency offers many advantages over both physical and paper money, he said, adding that bitcoin had spawned innovations in the financial technology sector since financial contracts could be digitized, stored, verified and transferred instantaneously.
“It is secure, relying on almost unbreakable cryptographic code, can be divided into millions of smaller sub-units, and can be transferred securely and nearly instantaneously from one person to any other person in