Satoshi Nakamoto's Identity Revealed?!

Theories around exactly who the anonymous creator of Bitcoin, Satoshi Nakamoto, have been circulating for years. However, the last few days have seen one particular theory emerge which, to some experts, seems much more plausible than most. 

According to the Head of Digital Assets Research at VanEck, Matthew Sigel, he is “personally convinced” that this new theory is correct.

“While not definitive, the breadth of these connections is compelling and worthy of further scrutiny. If true, addressing these questions sooner rather than later could prevent unnecessary uncertainty—especially while Bitcoin is valued at ~2 trillion, rather than, say, 10x higher”, wrote Sigel on X.

This new theory claims that none other than Jack Dorsey, the world-famous co-founder of X/Twitter, is Bitcoin’s pseudonymous creator…

Who is Jack Dorsey?

Dorsey is a famous tech entrepreneur best known as the co-founder of Twitter. He launched Twitter in 2006 along with a small number of other co-founders.

In 2009, Dorsey co-founded Square (now Block Inc), a digital payments company that began by offering small businesses the ability to accept credit card payments through mobile devices. The company has since expanded into cryptocurrency services in no small way.

Known for his minimalist lifestyle, Dorsey has become a vocal advocate for Bitcoin and cryptocurrency technology. After stepping down as Twitter's CEO in 2021, he has focused on leading Block and promoting decentralized technologies. 

His estimated net worth is estimated at more than $5 billion.

The Evidence…

Matthew Sigel’s post on X quoted a post by one Sean Murray, who credits himself with originating the Dorsey-Satoshi theory. His post features an extensive list of what he believes to be evidence that Dorsey really is Bitcoin’s creator.

Within Murray’s list, here is some of the evidence that we find most interesting:

• Jack Dorsey was part of a group called the cypherpunks in 1996. There were about 1,300 members. This group believed in using secret codes to protect privacy and change society.
• In 2001, Dorsey wrote about wanting to make important changes without anyone knowing who did it.
• In a blog post, Dorsey made a joke about creating a network for people who sell drugs. Later on, Bitcoin and other blockchain networks were criticized because some criminals used them.
• In 2003, Dorsey wrote in his bio that he liked crypto, pseudonyms, and doing development work at 4AM. All the original Bitcoin computer files show they were created at exactly 4AM.
• In 2003, Dorsey wrote that he wanted to reduce reliance on the US dollar and create a trading system or barter network instead.
• Dorsey often referred to himself as a sailor. The first Bitcoin computer code included an old saying that sailors use: "Never go to sea with two time-keeping devices; take one or three."
• On January 10, 2009, Satoshi Nakamoto accidentally showed their location was in California through an IP reveal. Reportedly, Dorsey was in California at this time too.
• The first Bitcoin transaction was on Dorsey's mother's birthday. Satoshi joined the Bitcoin forum on Dorsey's own birthday. The last Bitcoin that Satoshi mined was on Dorsey's father's birthday.
• In December 2010, Satoshi told people not to donate BTC to Wikileaks. A few days later, a court ordered Twitter to share all its information about Wikileaks. Satoshi stopped posting messages the day before this secret court order.
• In 2013, Dorsey's best friend Alyssa Milano wrote a book about him called ‘Hacktivist’. In her story, she described Dorsey as someone who lived two different lives, using a pseudonym for one of them.

Each of these points individually don’t stack up to much. However, when you combine them together, you can understand why so many people are finding this a compelling argument.

The evidence is also combined with the fact that Dorsey has regularly made references to Satoshi and his admiration of them, as well as often being seen wearing a t-shirt referencing the pseudonymous Bitcoin founder.

For a full breakdown of the evidence purported by Murray, make sure to check out his full post. There are an awful lot more points in Murray’s list than we’ve detailed here. However, based on the above, we can get a sense of why so many seem to be convinced of the new theory.

Takeaway: Potential Impact

As mentioned, this is not the first Satoshi Nakamoto identity theory to have done the rounds, but it certainly looks more convincing than most and, if all the points are true, it feels a little too much of a coincidence…

The big question is, if Dorsey ever was confirmed as the creator of Bitcoin, the world’s first layer-1 network, what would the impact be on the crypto industry? Would prices collapse amid fears that Dorsey could dump his huge Bitcoin stacks? Would Dorsey ever even admit to being Satoshi even if he was? These questions, for now, remain a matter of speculation.