In This Story
Who created Bitcoin? Is it finally known? Perhaps not.
“Money Electric: The Bitcoin Mystery,” a new HBO (WBD) documentary that premiered on Tuesday, claims that former Bitcoin developer Peter Todd is Satoshi Nakamoto, who created Bitcoin. Hours before the documentary’s release, the 39-year-old Canadian software designer involved in the early years of developing Bitcoin denied the claim, saying that he was not the creator of Bitcoin.
If the documentary is to be believed, Todd was only 23-years-old when Bitcoin’s white paper was released. This assertion raises eyebrows, as it seems implausible that an individual at such a young age could have spearheaded a financial revolution of this magnitude alone.
The crypto community is ridiculing filmmaker Cullen Hoback for producing a documentary criticized for its lack of factual accuracy and its heavy reliance on suspense over substance. Many in the community feel that Hoback prioritized sensationalism rather than conducting thorough research, turning what could have been an insightful exploration into a speculative thriller.
Hoback is known for previously directing the documentary series “Q: Into The Storm,” which exposed Q, the creator of the QAnon conspiracy theory — a far-right political movement that emerged on the message board 8chan in 2017.
What’s in the documentary?
The documentary primarily delves into the well-established history of Bitcoin, covering familiar ground that has been public knowledge for years. It revisits the origins of Bitcoin, exploring why it was created and how it evolved into a mainstream financial asset.
It’s only in the final 15 minutes that the director abruptly shifts focus to Peter Todd, hastily suggesting that he could be Satoshi Nakamoto, the anonymous creator of Bitcoin. This sudden pivot feels rushed and needs more depth to support such a bold claim, leaving viewers questioning the documentary’s overall credibility.
The filmmaker supports his claims by recounting Peter Todd’s background, including his early interest in cryptography, his association with Adam Back (a prominent Bitcoin figure whom Satoshi Nakamoto contacted), and linguistic similarities in spelling and grammar that hint at a Canadian origin for Satoshi. A central argument involves a 2010 forum post where Todd replied to Satoshi; the filmmaker suggests this was an accidental continuation from Todd’s own account, rather than Satoshi’s. Despite these assertions, the documentary falls short of definitively proving that Todd is Satoshi Nakamoto.
Peter Todd laughs at the filmmaker
In the documentary’s final conversation between Hoback and Todd, the latter laughs at the filmmaker, saying, “I will admit you’re pretty creative. You come up with some crazy theories. It’s ludicrous.” Todd then jokingly adds, “But I’ll say, yeah, of course, I’m Satoshi. And I’m Craig Wright.”
Craig Wright is an Australian scientist who has consistently claimed to be Bitcoin’s creator. Earlier this year, he was referred to British prosecutors for allegedly committing perjury.
“This is going to be very funny when you put this into the documentary and a bunch of Bitcoiners watch it,” Todd says in the film. “I suspect a lot of them will be very happy if you go this route because it’s yet another example of journalists really missing the point in a way that’s very funny.”
Hoback asks, “What is the point?”
“The point is to make Bitcoin the global currency,” Todd says in the documentary.