HBO documentary on Bitcoin creator Satoshi Nakamoto ignites intense debate, speculation

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

The crypto community is reacting strongly to claims that an upcoming HBO documentary has unmasked Satoshi Nakamoto, Bitcoin’s infamous and elusive creator.

HBO released a trailer for the documentary on Oct. 3, which reveals snippets of interviews and research with some of the earliest adopters of Bitcoin, including Blockstream founder Adam Back and JAN3 CEO Samson Mow.

Notably, the trailer does not definitely claim to have found the answer to the “internet’s greatest mystery,” and many believe the question will remain unanswered. However, a subsequent Politico report claimed that the documentary had unmasked Satoshi’s identity.

According to Politico, the documentary identifies Satoshi and could potentially reveal links between Bitcoin’s creator and criminal activity. While the documentary has yet to air, the Politico report has fueled intense debate and speculation within the industry.

Speculation reignited

The main candidates in the current speculative discussions about the documentary are Len Sassaman, Hal Finney, and Adam Back, all of whom the community has previously theorized to be Satoshi Nakamoto.

Back has consistently denied these claims and maintains that he is not the original creator of Bitcoin. Meanwhile, Sassaman and Finney passed away more than a decade ago, and there is no substantiated evidence that either of them was Satoshi despite their early involvement with Bitcoin.

Alex Thorn, head of research at Galaxy Digital, weighed in on the speculation, suggesting that if the documentary identifies Sassaman as Satoshi, it could have minimal market disruption by alleviating the concerns around his significant holdings.

He said in a social media post:

“If that’s who the doc identifies, [it] should be neutral to positive for BTCUSD given that Len died in 2011 (RIP).”

Writer Evan Hatch, who explored the theory that Sassaman could be Satoshi in 2021, acknowledged his involvement in a previous documentary that also examined the cryptographer’s potential link to Bitcoin’s creation.

However, Hatch and others in the community are treating the latest claims with caution until the documentary airs and provides more concrete details.

Politico criticized

The Politico report has also faced backlash from the community, particularly from Helius Labs CEO Mert Mumtaz, who criticized the article’s framing of Bitcoin’s history and the association it draws between Bitcoin and criminal activity.

Mumtaz expressed frustration with the report’s tone, writing:

“In the first paragraph, they somehow try to frame it as an anti-Trump and Elon thing because checks notes Bitcoin has been used for crime before.”

Mumtaz condemned the suggestion that Satoshi may bear responsibility for criminal acts facilitated by Bitcoin, arguing that fiat currencies are also used in illegal transactions without drawing the same level of scrutiny.

He said:

“Why don’t you go [and] arrest all governments on earth for issuing cash then?”

Many in the crypto community share similar frustrations with traditional media, which it believes often emphasizes Bitcoin’s connection to illegal activities while downplaying its revolutionary impact on financial systems.

As the release date for the HBO documentary approaches, anticipation continues to build. The question of Satoshi Nakamoto’s true identity has been one of the greatest mysteries in the crypto world, and the new claims, regardless of their veracity, have reignited widespread curiosity.