HBO’s latest documentary, “Money Electric: The Bitcoin Mystery,” suggests that Peter Todd, a core Bitcoin developer, might be the enigmatic Satoshi Nakamoto. Consequently, filmmaker Cullen Hoback’s assertion has stirred controversy and skepticism within the crypto community.
Satoshi Nakamoto, the pseudonymous figure behind Bitcoin, launched the cryptocurrency with a white paper in 2008, sparking a financial revolution.
Peter Todd Says He Is Not Satoshi Nakamoto
In 2024, Bitcoin has escalated into a $1.23 trillion asset, with Nakamoto’s personal stash estimated at nearly $70 billion. Despite intense scrutiny, Nakamoto’s true identity has remained a well-guarded secret.
In the film, Hoback explores this mystery with a new theory—proposing that Todd, who joined the Bitcoin scene in 2010, is actually Nakamoto. This hypothesis is supported by a series of circumstantial evidence and coincidences.
For instance, Todd’s academic schedule aligns with Nakamoto’s posting patterns. Additionally, a specific forum interaction could suggest Todd was continuing a conversation as Nakamoto.
During the film, Hoback highlights a chat log in which Todd refers to himself as the “world’s leading expert on how to sacrifice your Bitcoins.” Hoback interprets this as an admission of Todd being unable to access Nakamoto’s Bitcoin hoard. However, Todd firmly denies these claims, labeling them as “ludicrous.”
“This is going to be very funny when you put this into the documentary and a bunch of Bitcoiners watch it,” Todd said in the documentary.
Furthermore, the documentary delves into Todd’s background, noting his early involvement with Bitcoin-related projects like OpenTimestamps and his work on privacy-focused cryptocurrencies, including Zcash (ZEC). Nonetheless, Todd has consistently rejected the notion that he is Nakamoto, a sentiment he reiterated on social media platforms.
Critics of the documentary argue that Hoback’s evidence is speculative at best. Moreover, Todd was relatively unknown in the early days of Bitcoin, so he might not have had the necessary experience to have authored the Bitcoin white paper.
The timing of Nakamoto’s disappearance from online forums also coincides curiously with Todd’s rise within the Bitcoin community, adding another layer of intrigue to Hoback’s narrative. Despite these hints, the film fails to deliver definitive proof, leaving viewers with a lack of clarity.
As it stands, the documentary has not changed the widespread belief that Nakamoto’s identity should remain undisclosed, aligning with the mysterious creator’s original desire for privacy.
“It doesn’t matter who Satoshi is, that’s the point. Satoshi was wise to stay anonymous, not just to avoid being a target, but also because the press would have made the entirety of Bitcoin about them and their persona, thereby devastatingly lowering the quality of the discourse,” Arthur Breitman, co-founder of Tezos told BeInCrypto.
