It was not him who choosed the orange color.
The first Bitcoin logo was yellow and ugly, and some guy from the forums redesigned it, the orange logo we know today.
The original bitcoin logo used to be a detailed, golden coin with a bunch of gradients. Looked a bit bad when you had to shrink it. The orange you see now wasn't by Satoshi but by a forum member named 'bitboy'.
I'd like to believe Bitboy designed it that way because Yellow/gold does not contrast well in white when the logo is shrunk down. Yellow works better for large buttons. The simple orange icon is good for small icons or for the web.
If I was personally designing bitcoin, I'd have made the logo purple, as green (the stereotype color of Fiat money / US Dollars) and purple are contrasted against eachother on a color wheel. I'd like to imagine Orange fits better for a 'electronic cash' however.
I have no clue, but remember reading one time that the color orange typically puts a person more in the mood for “buying” - it was an article I read once with a case study of sorts / highlighting the effects of making the “buy now” button on a website orange, vs. Yellow, green, and the rest. Thought that was pretty interesting if it’s true