Bitcoin Creator Theories Drive Memecoin Craze After HBO Documentary Premiere
The impending HBO documentary on Bitcoin's (BTC) founder, Satoshi Nakamoto, has sparked a cryptocurrency craze, especially with memecoins. Bloomberg reports that these coins are being released to profit on fresh curiosity in Nakamoto's identity.
Cryptographer Len Sassaman died in 2011. According to the story, many think the forthcoming documentary Money Electric: The Bitcoin Mystery, due out this week, might disclose his actual identity as Nakamoto.
Polymarket, a blockchain-based betting platform, shows Sassaman as the top contender, although his inferred likelihood of being Nakamoto has dropped to 21% from 68% on October 3.
The âmemecoin mania,â a year-long rise in popularity and new tokens, has attracted investors looking to earn rapid profits over Bitcoin and Ethereum.
These tokens have grown significantly in the last year, especially because blockchains like Solana (SOL) have made them quicker and cheaper to manufacture and trade. Ben Yorke, Vice President of Ecosystem at crypto exchange WOO X, commented:
Like decentralized prediction markets, memecoins provide multiple versions of a theme around emergent subjects.
Yorke warned that this climate generates a ânegative-sumâ scenario where insiders and influencers benefit while regular investors struggle to identify trustworthy trends and tokens.
Meredith Patterson, Sassaman's widow, has disputed that her husband invented Bitcoin, adding to the controversy. However, Patterson joined memecoin because of Sassaman's popularity. Patterson posted on X on October 5 that she got memecoins celebrating her cat:
Apparently, I emailed a few DMers a Coinbase address without understanding anything about memecoins. I won't refuse memecoins about my pet if they persist.
Related: Ethereum: New EIP Could Speed Layer 1 Up 33%
Many efforts have been made to identify Nakamoto, including a disputed Newsweek piece that misidentified Japanese-American engineer Dorian Nakamoto as the founder.
