"I designed Bitcoin with a fixed supply model deliberately, knowing that this fundamental property would create unique market dynamics compared to traditional currencies. When the maximum supply is known and inelastic, the market must discover price through free exchange rather than through central coordination."

"This was a significant departure from conventional monetary thinking. Most economists believe currency supplies should be adjustable to meet economic conditions. I chose a different path—allowing price, not supply, to be the dynamic variable that responds to changing market conditions."

"I anticipated that the emergence of liquid markets and price discovery would be challenging in the early phases. Without established infrastructure or historical precedent, Bitcoin's price would naturally be volatile as the market struggled to determine fair value for something entirely new. This volatility isn't a bug—it's a necessary mechanism for price discovery in a free market, especially one establishing the value of a novel asset class."

"As adoption grows and markets mature, I expected this volatility would gradually diminish—though Bitcoin would continue to exhibit cyclical market behavior as adoption moves through distinct phases. These market cycles serve an important purpose, driving waves of attention, development, and infrastructure building that would be impossible without the associated price signals."