“The Bitcoin Mystery: Money Electric” made a significant impact when HBO released its trailer, promising to unveil the true identity of Satoshi Nakamoto. Cullen Hoback’s documentary takes on the form of a crime drama, skillfully concealing the suspect until the very end.
As a filmmaker, Hoback was drawn to Bitcoin seven years ago due to concerns about digital surveillance. His 100-minute-long documentary walks a delicate tightrope, catering to both Bitcoin novices and experts. For those unfamiliar with the cryptocurrency, the film provides clear explanations of blockchain technology and a concise overview of Bitcoin’s 15-year history. Additionally, Hoback incorporates clever use of archive footage, such as illustrating BTC mining with a scene from “Willy Wonka and the Chocolate Factory” where a golden ticket is discovered.
However, the primary goal of the documentary is not to explain Bitcoin’s mechanics, as that has been done before. Rather, it aims to unmask the pseudonymous founder, Satoshi Nakamoto. Hoback argues that this revelation is crucial due to Satoshi’s possession of one million BTC, which could cause mass panic if suddenly spent as crypto becomes integrated into traditional finance.
“Money Electric” takes on the structure of a “whodunnit,” featuring interviews with prominent figures in the Bitcoin industry. The film explores the possibility of Adam Back, co-founder of Blockstream, being Satoshi Nakamoto. Hoback delves deeply into Back’s background, presenting compelling evidence that suggests his involvement. Notably, Back’s move to Malta aligns with the timing of BTC’s creation, and his British nationality is noteworthy considering Satoshi’s use of U.K. spelling and inclusion of a headline from the London Times in Bitcoin’s genesis block. Despite claiming to be a latecomer to Bitcoin, Hoback points out that Back was editing the Bitcoin Wikipedia page well before his alleged involvement.
During the documentary, Hoback also spends time with Peter Todd, a controversial figure in the Bitcoin space. Todd jokingly claims to be Satoshi, but he does not initially appear to be a serious suspect. However, in the final moments of the film, Todd’s involvement takes an unexpected turn. Hoback discovers a post on the BitcoinTalk forum that seems to indicate Todd finishing one of Satoshi’s sentences, potentially exposing his secret. Todd dismisses the theory that he and John Dillon are the same person, calling it “ludicrous.”
“Money Electric: The Bitcoin Mystery” is a well-produced documentary with an unexpected outcome. While Todd maintains that many individuals could have created Bitcoin, the film’s conclusions are compelling. However, the documentary has not definitively settled the matter of Satoshi’s identity, and the crypto community has already begun questioning its narrative.
Overall, the documentary offers a thoughtful exploration of Bitcoin’s intricacies, acknowledging its downsides while giving key industry players a platform to express their views. Hoback critiques Bitcoin maximalism, NFTs, Ethereum conferences, and central bank digital currencies, providing a balanced perspective. Despite its compelling arguments, the film has yet to deliver a conclusive blow, leaving Satoshi’s identity shrouded in mystery.