HBO’s latest documentary on Bitcoin’s mysterious origins, Money Electric: The Bitcoin Mystery, claims to have unmasked the cryptocurrency’s elusive creator, Satoshi Nakamoto. The documentary zeroes in on Canadian Bitcoin core developer Peter Todd, suggesting he may be Nakamoto. However, the truth behind this revelation may not be as straightforward as it seems.
HBO’s Bold Claim
Cullen Hoback, the producer of the HBO documentary, presents what he believes to be convincing evidence that Todd is the mind behind Bitcoin. According to a report by Politico on October 9, Hoback confronted Todd and Blockstream founder Adam Back with a series of clues and assertions pointing to Todd’s potential role as Nakamoto.
In the documentary’s climactic moment, Todd appears to confirm Hoback’s claim, responding to a question with, “Well yeah, I’m Satoshi Nakamoto.” While this statement might seem like a confession, it’s important to note that Todd has a history of using this phrase as a gesture to support Bitcoin’s anonymous creator rather than as an actual admission.
Todd’s Denial and Reactions
Ahead of the documentary’s release, Todd denied being Nakamoto, arguing that Hoback’s conclusions were inaccurate. When leaked clips surfaced online, suggesting that he was Bitcoin’s creator, Todd dismissed them, maintaining his denial. On October 8, he responded to a post on social media platform X, firmly stating, “I am not Satoshi.”
This isn’t the first time Todd has made light of being Satoshi. In a 2019 episode of the What Bitcoin Did podcast, Todd joked with host Peter McCormack, stating, “I am Satoshi, as is everyone else.” During the episode, Todd also revealed that he made his first Bitcoin purchase when the cryptocurrency was valued at around 20 cents, which places his involvement around October 2010—two years after Bitcoin’s initial release in October 2008.
Why Did Hoback Accuse Todd?
Hoback’s argument for naming Todd as Satoshi is based on a chat log message where Todd claimed to be “the world’s leading expert on how to sacrifice your Bitcoins,” adding that he had done so “by hand.” Hoback interprets this as a cryptic admission that Todd may have permanently removed access to Nakamoto’s stash of 1.1 million Bitcoins, currently valued at over $69 billion.
Leading up to the documentary’s release, Todd had shared his thoughts on why Bitcoin’s creator would prefer to remain anonymous, reinforcing his stance on protecting the identity of Nakamoto.
While HBO’s documentary makes a bold claim, Todd’s repeated denials and history of joking about being Satoshi indicate that the mystery remains unsolved. For now, the true identity of Bitcoin’s creator continues to elude the public, despite the documentary’s efforts to unmask Nakamoto.
