Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A statue of Bitcoin's (BTC) pseudonymous creator, Satoshi Nakamoto, has been reinstated in Lugano, Switzerland. This was the first-ever Satoshi statue, revealed during the Bitcoin Plan B Forum in 2024, which was destroyed.
Vandalized Satoshi statue back in Lugano
The statue went missing two months ago but was later discovered in Lake Ceresio nearby. It was vandalized and thrown into the water.
This incident caused concern within the crypto community, but it also highlights the importance of the statue as a symbol of Bitcoin's impact.
A group of Lugano residents launched a public petition in August to restore the statue. Several industry stakeholders, including Samson Mow, supported the petition, urging the crypto community to save Satoshi Nakamoto's vandalized statue.
Tether CEO Paolo Ardoino also set up a petition link calling for 1,000 signatures to support the move to restore the iconic symbol.
The support of these industry leaders made an impact as the statue is back to its original site in Parco Ciani, a lakeside park in Lugano.
This statue, designed by Italian artist Valentina Picozzi, features a unique perspective design that makes it appear and disappear when viewed head-on. This design reflects the anonymity of Satoshi.
It became a cultural landmark in Lugano, a city known for its embrace of blockchain technology and as a hub for crypto innovation.
The reinstallation was marked by a formal ceremony, as seen in videos circulating on X. Hundreds of attendees gathered to witness the statue's return, reinforcing the city's commitment to the legacy of Satoshi Nakamoto.
Bitcoin reshaping global finance
The revival of the Satoshi statue also symbolized the resilience and enduring influence of Bitcoin in the global finance space.
Truly, Bitcoin has helped to reshape global finance in several key ways, disrupting traditional systems and introducing new paradigms.
Notably, with a fixed supply of 21 million BTC, the leading coin is positioned as a hedge against inflation.
Institutional investors like Strategy and Metaplanet have allocated billions to Bitcoin, signaling growing acceptance as a legitimate asset class.
Additionally, major financial players, including BlackRock and Fidelity, have integrated Bitcoin into their offerings via exchange-traded funds (ETFs). Their action has legitimized BTC as an investment, which has helped to drive infrastructure development.
Furthermore, Bitcoin enables faster, cheaper international transfers compared to traditional systems like SWIFT. The coin is particularly transformative for remittances, where migrant workers send money home, avoiding huge fees from services like Western Union.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team