For over 15 years, the identity of Satoshi Nakamoto—the pseudonymous creator of Bitcoin—has remained one of the greatest mysteries in the tech world. Since publishing the revolutionary Bitcoin white paper in 2008, Nakamoto has managed to remain entirely anonymous, despite Bitcoin’s rise to prominence as a $1.2 trillion asset. If Nakamoto still controls the 1.1 million bitcoins rumored to be in their possession, their stash would be worth nearly $70 billion today.
Now, a new theory has emerged from Cullen Hoback, an HBO documentary filmmaker, who believes he has uncovered the true identity of Bitcoin’s elusive creator. In Money Electric: The Bitcoin Mystery, Hoback posits that Peter Todd, a well-known Bitcoin core developer who has been active in the cryptocurrency community since 2010, is Satoshi Nakamoto.
“What if the real reason for using the name Satoshi, for the anonymity, was so that people could take bitcoin seriously, so they could believe it was created by [a famous cryptographer] and not some kid still in school?” Hoback speculated during an interview in the documentary, addressing Todd directly. Todd, who was in his early 20s and pursuing a fine arts degree in 2008, coincidentally matches the timeframe of Nakamoto’s white paper release.
Hoback’s theory builds on his examination of Todd’s earlier involvement with Bitcoin and suggests that Todd may have used the Satoshi pseudonym to shield his true identity and lend credibility to Bitcoin. Hoback also speculates that John Dillon, an anonymous contributor to BitcoinTalk (a forum central to early Bitcoin discussions), might have been a strategic creation to obscure Todd’s role in certain decisions.
According to Hoback, Dillon’s identity could have been invented to provide a cover for Todd’s 2010 post and the controversial Bitcoin Improvement Proposal 125 (BIP 125) introduced by Todd in 2015. Hoback implies that Todd’s work with Dillon was part of a larger strategy to maintain the illusion of Bitcoin’s decentralized origins.
Further fueling the theory, Hoback refers to a chat log from Todd in which he jokingly claims to be the “world’s leading expert on how to sacrifice your bitcoins.” Hoback suggests this might be a subtle nod to Todd’s early involvement with Bitcoin and his possible connection to Nakamoto.
While this documentary presents a compelling theory, it remains to be seen if Hoback’s claims will be accepted by the broader Bitcoin community, who have long speculated on the true identity of Nakamoto. As the mystery continues, the enigma of Bitcoin’s creator endures—along with the question: Who is Satoshi Nakamoto?
