Hungary will erect a life-sized bronze bust honoring Bitcoin's creator, Satoshi Nakamoto, in Budapest. The initial design plans depict a hooded figure that is meant to depict the pseudonymous creator as well as the "people of the internet," per a report by Hungary Today.

András Györfi, the project's initiator, said that the Bitcoin creator's real-world identity doesn't matter. Instead, he claimed, Nakamoto's invention is what "opened a new chapter in the history of the internet," according to the report.

In light of Nakamoto's unknown real identity, the sculpture will have a mirrored surface as its face. The idea is to allow each observer to see themselves when standing in front of the bronze bust, reinforcing the idea that any visitor should see themselves in Nakamoto.

Györfi later added, per the report, that Nakamoto's invention "eliminates distrust between people and can make the world a better place in many areas ... and that seems to be a legacy worth commemorating."

By hosting Nakamoto's life-sized bronze bust, Hungary will reportedly become the world's first country with a statue of the creator of Bitcoin. Réka Gergely and Tamás Gilly are the two sculptors who designed the bust.

Four Hungarian organizations are financing the project: Crypto Academy, Blockchain Hungary Association, Blockchain Budapest and Mr. Coin They are being aided by 27 other organizations and individuals. The bust will be raised in Graphisoft Park in Budapest's third district.