Hungarian artists plan to put up a Satoshi Nakamoto statue in Budapest

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and happiness from… read more.
on Jun 3, 2021
  • The statue will be erected close to that of Apple’s co-founder, Steve Jobs, in Graphisoft Park.
  • The artist that came up with this idea seeks to point out the perks of BTC and the blockchain.
  • Hungary is gradually warming up to crypto, with lawmakers planning to reduce trading taxes.

Two Hungarian sculptors are working on a life-size sculpture of Satoshi Nakamoto. A report unveiled this news on June 3, noting they seek to erect the sculpture in Graphisoft Park in Budapest’s 3rd district, which already has the statue of Apple’s co-founder, Steve Jobs. The sculptors, named Réka Gergely and Tamás Gilly, shared initial plans of the statue’s design, which shows a figure with a featureless face.

According to the report, the statue will be made of bronze and it will don a Bitcoin (BTC) hoodie over its head. Its face will be made of a reflective surface to let people see their reflection whenever they look at it. In doing so, the artists intend to put forward that we are all Satoshi. The project is funded by four organizations. These are Mr. Coin, Crypto Academy, Blockchain Hungary Association, and Blockchain Budapest.

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Reportedly, this project is the brainchild of András Györfi, a Hungarian painter and crypto enthusiast, who seeks to point out the benefits that Bitcoin and the blockchain can offer. According to him, the blockchain is an efficient, fair, and transparent database that gets rid of distrust between people. He went on to note that it has the potential to enhance multiple industries to make the world a better place.

Hungary embraces crypto despite mounting concerns from global regulator

This news comes after Hungary’s Finance Minister, Mihály Varga, shared the government’s stimulus program to help boost the country’s economy. To help ease the economic difficulties brought about by the COVID-19 pandemic, Hungary’s legislators are planning to reduce crypto trading taxes from 30.5% to 15%. Reportedly, these changes might take effect as early as 2022.

At the moment, crypto regulations in the country are not strict. Combining this with the slashed crypto taxes, Hungary would not only give crypto investors a big tax break but also attract foreign crypto firms and investors. With most countries such as China reiterating their anti-crypto stance and even introducing new clampdowns, crypto enthusiasts are gradually moving to jurisdictions that have friendly regulations.

While Hungary’s crypto-friendly atmosphere has fostered the creation of Satoshi’s statue, it is not the first country to allow the erection of a crypto-themed sculpture. In 2018, Bitstamp exchange financed the creation of a seven-metre-wide Bitcoin monument in the Slovenian city of Kranj.

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