Hoback charts Bitcoin’s battle with the US government as its adoption spreads world-wide, as well as how Bitcoin currently matches to its original principals, charting the currency’s evolution from its anachronistic[clarification needed] roots to incorporation into 401(k)s, becoming an integral part of the global financial system.[4]
The documentary proposes a theory that Bitcoin developer Peter Todd may be Satoshi Nakamoto.[6] Todd denied that he was Nakamoto, stating in the film that it was "ludicrous".[4]
The film notes that days after initially joining the Bitcoin forum in 2010 Todd corrects Nakamoto on a technicality in one of Satoshi's last posts, just an hour after the initial post was made; then disappears online alongside Satoshi. Todd claims a lack of involvement in Bitcoin development until two years later.[7] Hoback raises questions about whether this interaction suggests a deeper involvement much earlier, and whether Todd’s alleged history of using an alternate persona to create a “Replace by Fee” patch, indicates an MO to do the same when creating Bitcoin.[8][9] Hoback’s theory includes a range of circumstantial evidence including Todd’s alignment with Adam Back and Gregory Maxwell of Blockstream and their alignment with an alleged 2014 email from Satoshi’s address during the so-called block size war.[10][9] Hoback acknowledges that the evidence is speculative.[11][4]
Production
Following the completion of Q Into the Storm (a docu-series on people behind QAnon conspiracy), Adam McKay asked Cullen Hoback to make a documentary film revolving around Satoshi Nakamoto. Hoback agreed only if they could gain access to suspects, eventually gaining access to Adam Back.[3] Hoback didn't want to bring the project to HBO until he had a working theory.[5]
Hoback traveled extensively to film the documentary.[3][5]
Much of the coverage emphasized the credible public interest of Hoback’s journalistic investigation including Satoshi’s identity: noting wallets associated with Satoshi total around 1 million BTC or roughly six percent of total circulation, and presumed to be in his or her control, posing a risk to Bitcoin’s value.[16]
Coverage also cited crypto's powerful DC lobby, its impact on global economic policy, and the potential role of its investors could play the 2024 US Presidential election.[17][19]
Coverage states that if Satoshi offloaded their stash, it could be “disastrous” for Bitcoin’s price and that Bitcoin’s stability relies on the “assumption that Satoshi and his coins are gone forever,” citing Coinbase SEC filings which state that “public identification of Satoshi was an outstanding risk.”[5]
It was said that the Bitcoin community is incentivized to keep Satoshi anonymous,[18][16] but commentators emphasized there could be concern for any public figures who became suspects including from the unwanted invasion of their privacy.[15][5]
Hoback’s investigation and others were also likened to Gen Z’s version of “Who killed Jimmy Hoffa” and “What Happened to D.B. Cooper?”[5]
Peter Todd's Reaction
After the film's release, Peter Todd criticized Hoback, saying that it was "ironic that a director who is also known for a documentary on QAnon has resorted to QAnon style coincidence-based conspiracy thinking here too".[20][21]
In late October 2024, Todd reportedly "went into hiding."[22] The next day Todd claimed the Wired article was "quite an exaggeration,"[23] later sharing an image of himself standing next to a newly unveiled Satoshi statue in Lugano.[24] The Wired author wrote "just as Todd's 'trolling' insulates him, it also exposes him."[22]
“It doesn’t surprise me at all that Peter would go on the offense. He’s a master of game theory—it’s what he does. He has spent a lot of years now muddying the waters,” says Hoback.[22]
In February 2025, Peter Todd attended the red carpet premiere of the film in El Salvador, organized by Samson Mow.[25]
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