The identity of the pseudonymous Satoshi Nakamoto, the creator of Bitcoin (BTC), has long been one of the most captivating mysteries in the cryptocurrency world. Satoshi unleashed Bitcoin in 2009, only to vanish without a trace just two years later. HBO's latest documentary, "Money Electric: The Bitcoin Mystery," released on 8 October 2024, aimed to solve this enigma by controversially naming Peter Todd, a prominent Canadian Bitcoin Core developer, as the elusive author of the original cryptocurrency.

However, the film's claims quickly drew criticism due to glaring inconsistencies and timeline errors, casting doubt on the narrative. Todd himself repeatedly denied the allegations, calling the documentary's portrayal misleading and inaccurate. Despite the media buzz, it appears that the cryptocurrency market remained largely unaffected by HBO's attempt to unmask Nakamoto. Instead, macroeconomic factors continue to sway cryptocurrency prices as retail investors continue to turn to digital assets for trading opportunities.

Who is Peter Todd?

Peter Todd is a respected figure in the Bitcoin community, known for his contributions to Bitcoin Core and his expertise in cryptography and digital security. Todd has been involved in the blockchain space since the early days, serving as a developer at Coinkite since 2014 and later as an advisor at Verisart.

HBO's new documentary suggested Peter Todd might be the pseudonymous creator of Bitcoin. The film delves into Todd's background in cryptography, his ties to prominent early Bitcoin figures like Adam Back, and linguistic similarities between Todd's writing style and Satoshi's. But even before the documentary aired, Todd had already dismissed the claims, calling them unfounded.

"Of course, I'm not Satoshi," said Todd, speaking to the press just hours before the documentary premiered, adding that filmmaker Cullen Hoback, who previously unmasked the creator of the QAnon conspiracy theory in another HBO series, was "grasping at straws."

Indeed, despite his deep knowledge and involvement in the Bitcoin ecosystem, Todd has consistently denied being Satoshi Nakamoto.

At the time of Bitcoin's launch in 2008, he was pursuing a fine arts degree, a timeline that contradicts HBO's portrayal.

HBO's documentary fails to convince crypto community

The claims made by the HBO documentary regarding Satoshi Nakamoto have been criticised and even mocked by various pundits and influencers in the crypto community, who have pointed out several factual inaccuracies and questionable conclusions:

• Timeline inconsistencies: The film implies that Todd was secretly engaged with Bitcoin from its inception, but Todd did not begin working on Bitcoin until 2014. At the time of Bitcoin's launch in 2008, he was pursuing a fine arts degree, a timeline that contradicts HBO's portrayal.
• Misunderstood Bitcointalk post: The film suggests that a 2010 Bitcointalk post was mistakenly made from Todd's personal account instead of Satoshi's, which Todd has dismissed as a coincidence.
• RBF mischaracterisation: The documentary also misrepresents Todd's 2014 introduction of the replace-by-fee (RBF) feature, framing it as part of Satoshi's original design for Bitcoin. However, this feature was introduced years after Satoshi's disappearance.

"We're all Satoshi": Did HBO misunderstand sarcasm?

A central moment in the documentary is when Hoback directly confronts Todd about Satoshi Nakamoto's identity. Todd's most likely sarcastic reply, "Yeah, of course I'm Satoshi. And I'm Craig Wright," is taken at face value.

The documentary presents this as an admission rather than the critique it was intended to be. However, crypto insiders will recognise this as an obvious tongue-in-cheek reference. Craig Wright, an Australian businessman who falsely claimed to be Satoshi in the past, has become an insider joke about the impossibility of ever verifying the Bitcoin creator's identity.

Satoshi Nakamoto: A founding myth of crypto culture

Nowadays, cryptocurrency has achieved mainstream status. Access to cryptocurrency trading and investing is easier than ever thanks to user-friendly apps like StormGain, and the price movements of Bitcoin and Ethereum regularly make headlines in established financial publications along with the traditional stock market. Big banks and investment firms are holding crypto, signalling that the establishment has given up fighting crypto and is ready to embrace it. However, things were very different when Bitcoin was first created.

Todd has previously used the phrase 'I am Satoshi' to highlight the importance of protecting Bitcoin's decentralised nature and the creator's right to privacy. These ideals of digital freedom and anonymity are part of the tech-savvy, rebellious subculture that inspired Bitcoin and still influences the current crypto community.

Many old-school crypto fans cherish the Satoshi mystery. It symbolises how no one person can control the blockchain and that users can still keep secrets from the governments that control fiat currency. As such, if anyone in the early Bitcoin community really does know who Satoshi Nakamoto is or whether such a person even existed, they might be included in the list to keep their secret to the grave.

Other Satoshi theories

The renewed spotlight on Bitcoin's origins has prompted other analysts to revisit long-standing theories. A recent report by 10x Research explores two prominent contenders for Satoshi's identity:

• Nick Szabo: A pioneer in digital currencies and developer of 'Bit Gold,' a precursor to Bitcoin. Szabo's writing style and technical philosophy bear similarities to Satoshi's 2008 white paper.
• NSA involvement: The report suggests that the United States National Security Agency (NSA) may have played a role in creating Bitcoin. The NSA's 1996 research paper, 'How to Make a Mint: The Cryptography of Anonymous Electronic Cash,' outlines a framework similar to Bitcoin's architecture. The NSA also holds a patent for the SHA-256 hashing algorithm used in Bitcoin's mining process.

Market reaction: a collective shrug as traders shift focus to US economic data

Despite the hype, the documentary had little impact on the market. Bitcoin (BTC) dipped only 0.4% in the 24 hours following the documentary's debut. Altcoins such as Ethereum (ETH), Solana (SOL), and Ripple (XRP) saw minimal changes.

With HBO's claims debunked, traders have turned their attention to more tangible developments, such as upcoming US Federal Reserve announcements.

• Economic shifts: Market participants are awaiting the release of Federal Open Market Committee (FOMC) minutes and key US economic data tracking growth.
• Rate cut expectations: Currently, Polymarket bettors predict a 25-basis-point interest rate cut in November, while the likelihood of a 50-basis-point cut has dropped from 46% to just 9%.

Growing interest in Bitcoin from retail investors

The renewed interest in Satoshi Nakamoto's identity and the public attention from HBO's documentary reflect a growing fascination with Bitcoin's origins and its underlying philosophy. The allure of discovering the creator behind the world's first cryptocurrency is no longer limited to crypto enthusiasts. It's permeating popular culture.

A recent IOSCO report revealed that crypto ownership among retail investors has significantly increased since 2020 despite the market's notorious volatility.

In some jurisdictions, up to 30% of retail investors now hold crypto, a steep rise from 1% to 5% in 2020. This increase is particularly pronounced among younger investors, aligning with the growing media portrayal of Bitcoin's enigmatic origins.

This trend suggests that Bitcoin is transitioning from a niche financial asset to a broader cultural phenomenon, where its mysterious beginnings are as captivating as its potential for economic disruption. As the crypto community continues to expand, narratives like HBO's documentary may serve to educate and entertain a new generation of investors, further solidifying Bitcoin's status as a cornerstone of digital finance.

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