By the time multiple people were mining, the software was mature enough to keep your coins (I suppose this is true anyway).

It's still a huge known unknown for Bitcoin. What is Satoshi was linked to a shady organization, or something the general public wouldn't want to support for instance? Imagine if Satoshi turned out to be an avatar for the American, Russian or Chinese government for instance, that would both give them a huge leverage on the blockchain and mean that they'd benefit hugely from widespread adoption of the cryptocurrency.

In turn that could motivate other governments to heavily regulate bitcoin as they'd see it as a foreign-controlled currency.

That's just fiction, but that's the point, nobody knows for sure who or what Satoshi Nakamoto is, and that's a risk.

> Just identifying him doesn't mean he'd liquidate

True, but it is not a super unlikely outcome either. Identification alone could also result in a loss of trust in the system of Satoshi turned out to be, say, a government.

Could go the opposite way too. It's an unknown that is worth calling out.

It's not just knowing who he is -- if he's identified he might decide to move those coins. If he did that, it could affect the price. I'm not sure anyone knows what the exact impact of that would be.

I don't personally believe Satoshi was an actual person, and don't believe he'll ever be identified. Most likely the keys to those early blocks have been destroyed, and most people wouldn't do that unless there was an institutional reason for it.

Risk factors don’t mean “this will definitely happen”. It means this is a known risk for the system underpinning their profits.

A more likely scenario is that the keys to those coins are compromised, somehow, given their unbelievably high value.