What is the HBO bitcoin documentary about? Satoshi Nakamoto controversy explained

The new HBO documentary Money Electric: The Bitcoin Mystery isn’t even out yet and it’s already sparked controversy over the claim it’ll reveal the true identity of Bitcoin founder, Satoshi Nakamoto.

For a second, it seemed like every man and his dog was a crypto investor. The digital currency market reached new heights amid the pandemic, when Bitcoin reached its peak at more than $68,000, NFTs emerged as a divisive trend, and Elon Musk sent Dogecoin prices flying with a simple tweet. 

What you might not know is that cryptocurrencies aren’t new. In fact, the first known attempt to create a digital currency was in the ‘80s, and Bitcoin was officially launched in January 2009 amid the financial crisis. 

Until now, the identity of Satoshi Nakamoto, the pseudonymous inventor of Bitcoin, remains unknown. However, is the new documentary from HBO really going to get to the bottom of who’s most likely one of the richest people on the planet?

Skepticism casts doubt over HBO Bitcoin documentary 

Many netizens don’t seem to think so, with the announcement of Money Electric: The Bitcoin Mystery drawing controversy online.

This all started on Thursday (October 3), when producer Cullen Hoback shared HBO’s announcement of the documentary, alongside its trailer and release date (October 8) on X/Twitter. 

“A few of you might have wondered why I disappeared. Well, I was tracking down someone else who disappeared,” he wrote. “Curious who’s behind Bitcoin? Money Electric: The Bitcoin Mystery drops next Tuesday. It’s going to be a rollercoaster. #Satoshi.”

Over on Reddit, people are doubtful that the true identity of Satoshi Nakamoto will be revealed. “As with all TV shows that make an outrageous claim – if it were true, it would already be in the news and not waiting until premiere date,” said one. 

“Don’t fall for the hype, this is just to push the documentary,” claimed another, while a third added, “No documentary maker is going to uncover Satoshi. He was too clever and masked his footprints too well. Nothing burger.”

There are plenty of comments saying, “We’re all Satoshi,” with one stating we’re “united in the vision of decentralization and freedom that Bitcoin represents.”

And others put forward certain names, including “Bitcoin Jesus” Roger Ver, an early adopter of cryptocurrency who was indicted on charges of mail fraud, tax evasion, and filing false tax returns earlier this year. 

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Roger Ver’s name has been brought up in conversation

Another was early Bitcoin contributor Hal Finney, with one Redditor writing, “I’d bet a Bitcoin they just say its Hal Finney. He’s the most obvious candidate who can no longer defend himself or kick up a stink about the documentary.”

One person quipped, “We are all Satoshi except Craig Wright,” referring to the Australian computer scientist who falsely claimed to be the creator of Bitcoin.

Producer has history of unmasking the unknown

Although there’s doubt over whether Money Electric: The Bitcoin Mystery will uncover Satoshi Nakamoto’s identity, others are hopeful due to creator Cullen Hoback’s track record. 

Hoback has produced numerous successful documentaries, including the 2021 HBO series Q: Into the Storm, which exposed the authors of the QAnon conspiracy theory.

“The only thing that makes this actually interesting is that these are the same people that made the QAnon documentary. It might actually be good,” said one Redditor, although they added they believe “it will have no new information.”

Another wrote, “I think it’s worth mentioning it’s not just random people behind the lens. ‘The documentary is the latest work of Emmy-nominated Cullen Hoback, who drew critical acclaim for his series Q: Into the Storm.”

Len Sassaman theory resurfaces

One of the leading theories is that the new documentary will name Len Sassaman as the Bitcoin founder. 

Sassaman was a renowned cryptographer who worked on advancing digital security and encryption during his life and was deeply involved in the cypherpunk movement, which aimed to protect privacy through cryptography.

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One theory suggests that Len Sassaman is the founder

He was also an expert in internet security, working on securing email and other online communications, which aligned closely with the ideologies of decentralization and privacy that Bitcoin embodies. 

Many people believe Sassaman could be Satoshi Nakamoto due to a combination of his technical expertise and the timing of his death. He took his own life in 2011, just a few months after Bitcoin’s final message from Nakamoto.

And, as someone who dedicated his life to creating tools for privacy protection, Sassaman would have had both the motivation and the knowledge to remain anonymous if he were indeed Nakamoto. 

Galaxy Digital’s head of research, Alex Thorn, took to X/Twitter to write, “Hearing that the forthcoming HBO (Wed Oct 9) documentary identifies Len Sassaman as Satoshi – there was a good write-up of this theory by @evan_worlds in 2021.

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

This has been repeated on Reddit, where one user said, “Rumor is they’re going to identify Len Sassaman as Satoshi.” “Makes sense to me,” agreed another, while a third added, “This is my personal theory on Satoshi.”

Money Electric: The Bitcoin Mystery premieres on HBO on October 8 at 9pm ET/PT, and will also be available for streaming on Max. For more documentary coverage, check out the best true crime titles to watch on Netflix, the creepiest YouTube documentaries, and where Janel Grant is now.