Jack Dorsey may be Bitcoin's founder, suggests new theory
What's the story
The mystery of Bitcoin creator Satoshi Nakamoto's identity has taken a new turn with speculation leading to Twitter co-founder Jack Dorsey. The theory comes after HBO documentary "Money Electric: The Bitcoin Mystery" hinted that Canadian software developer Peter Todd was behind Bitcoin. However, the claim received backlash and Todd has since retreated from the public eye due to security concerns.
Theory details
Dorsey's connection to Bitcoin: A theory by Matthew Sigel
The proponent of the Dorsey-Nakamoto theory is Matthew Sigel, head of digital asset research at investment management firm VanEck. He believes Dorsey had both the motive and technical expertise required to create Bitcoin. Sigel's theory relies on circumstantial evidence, patterns, and timing coincidences that he believes link Dorsey with the cryptocurrency's creation.
Market impact
Sigel's motive for revealing Nakamoto's identity
Sigel's interest in unmasking Nakamoto stems from the fact that the latter is believed to hold 1.1 million Bitcoins, worth about $103 billion today. He believes if these were sold off, it could lead to a major market crash and dent investor confidence. By unmasking the real Nakamoto, Sigel hopes to bring transparency into the crypto industry and reduce uncertainty and speculation.
Coincidental connections
Sean Murray's observations support Sigel's theory
Sean Murray, president of financial news site deBanked, has also connected the dots between Dorsey and Bitcoin. He pointed out that the first-ever Bitcoin transaction happened on Dorsey's mother's birthday, while Nakamoto mined their last block on Dorsey's father's birthday. Further, a 2014 incident where Nakamoto's "GMX" email was hacked revealed an attempted extortion based on knowledge of his ties to St. Louis, Missouri—coincidentally, Dorsey's birthplace and hometown.
Denial and advocacy
Dorsey's response to speculation and his Bitcoin advocacy
Dorsey has not responded to these latest speculations. However, he denied being Nakamoto in a 2020 interview with podcaster Lex Fridman. When asked directly if he was Bitcoin's creator, Dorsey replied, "No, and if I were, would I tell you?" Despite the denial, Dorsey has been an outspoken supporter of Bitcoin. He even introduced a Bitcoin tipping feature on Twitter in 2021 before stepping down as CEO later that year to focus on his fintech company Block (formerly Square).