Although Money Electric provides a fascinating glimpse into Bitcoin’s early history, the identity of Nakamoto remains unresolved.
“Money Electric: The Bitcoin Mystery,” HBO’s latest documentary, aired on the Max streaming service Tuesday night, claiming to reveal the identity of Bitcoin’s elusive creator, Satoshi Nakamoto.
Directed by Cullen Hoback, the documentary dives into Bitcoin’s origins and features several key figures from its early development, including Blockstream CEO Adam Back. The film ultimately focuses on Bitcoin Core developer Peter Todd, with Hoback presenting a series of clues suggesting that Todd could be Nakamoto.
Hoback’s theory hinges on a forum post Todd made in response to Satoshi, which the director believes indicates that Todd may have been continuing a thought under a different pseudonym, implying he and Satoshi were the same person. Additionally, Hoback points to Todd’s writing style, his teenage efforts to develop Hashcash into a functional currency, and the amateur-level C++ code behind Bitcoin as potential clues. The documentary also suggests that the Satoshi pseudonym was used to give Bitcoin more credibility.
However, like previous attempts to unmask Nakamoto, Money Electric fails to deliver conclusive proof. Critics have dismissed the theory as speculative and based on weak assumptions.
“Cullen probably has a case for it,” said Samson Mow, CEO of Bitcoin technology company JAN3 and former chief strategy officer of Blockstream, who appears in the documentary. “But I did say on record that it’s probably not Peter.”
Before the documentary aired, Todd himself addressed the speculation on Twitter (X) in response to a BitMex Research post, saying, “I’m not Satoshi.”
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A Familiar Hunt |Electric
The documentary follows a well-known pattern in the search for Nakamoto, revisiting several names long linked to the mystery, such as Adam Back and the late Hal Finney, a cryptographer and early Bitcoin adopter who contributed significantly to its development. Despite its high production quality and engaging interviews, Money Electric has faced criticism for relying on circumstantial evidence and confirmation bias, similar to the infamous 2014 Newsweek report that misidentified an unrelated individual as Nakamoto.
Growing Skepticism
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The release of the documentary has been met with skepticism from the crypto community, with many doubtful of any claims to finally reveal Satoshi’s identity. In the past, speculation over Nakamoto’s identity has sometimes led to market fluctuations, but the lack of compelling evidence in Money Electric appears to have tempered any such reaction this time.
According to CoinGecko data, Bitcoin remained steady at $62,200 in the 24 hours following the documentary’s release.
The identity of Bitcoin’s creator remains one of modern finance’s greatest mysteries, and Money Electric joins the growing list of documentaries that have failed to provide definitive answers.
“It doesn’t matter who Satoshi is at this point,” Mow commented. “Bitcoin has grown beyond the need for a creator.”
