The search for the elusive creator, Satoshi Nakamoto continues as the crypto community is not putting their attention on the co-founders of Twitter, Jack Dorsey.

The latest speculation stems from research conducted by Sean Murray, editor-in-chief of fintech publication deBanked, who presented a series of findings that suggest Dorsey played a direct role in Bitcoin’s creation. The theory has since gained traction, with Matthew Sigel, head of digital assets research at asset management firm VanEck, describing the evidence as “compelling and worthy of further scrutiny.”

Murray's theory on why Dorsey is Satoshi

Murray’s research draws attention to several coincidences and connections between Dorsey and Bitcoin’s early days. He highlights Dorsey’s deep-rooted interest in cryptography and involvement in cypherpunk circles, an online community of privacy advocates who employ encryption to evade government surveillance.

According to Murray, Dorsey was among the 1,300 confirmed cypherpunks studying at the University of Missouri-Rolla in 1996. He also points to a yearbook photo from that time, which allegedly shows Dorsey wearing a T-shirt referencing Adam Back’s encryption work. Back, another long-speculated Satoshi candidate, is the creator of Hashcash, a proof-of-work system that later became integral to Bitcoin mining.

Another key argument in Murray’s theory revolves around the alignment of Bitcoin’s early milestones with significant dates in Dorsey’s personal life. He claims that Bitcoin’s first transaction reportedly occurred on January 11, 2009, which happens to be Dorsey’s mother’s birthday.

Similarly, Murray notes that Satoshi mined the last Bitcoin block on March 5, 2010, the same day as Dorsey’s father’s birthday. Additionally, he alleges that the Bitcoin.org domain was registered just one day after Dorsey posted a cryptic sailing-related tweet in August 2008.

Murray also suggests that Satoshi and Dorsey share a fascination with nautical references. He points out that Bitcoin’s original source code contains an old sailor’s adage about chronometers, and that Dorsey’s Twitter bio from 2007 to 2009 referred to him as a “sailor.” Furthermore, Murray claims that on January 10, 2009, Satoshi may have inadvertently logged into an IRC chat with a real IP address, revealing that he was in California, which was Dorsey’s known location at the time.

Murray's theory quickly dismissed

Despite these intriguing connections, analysts have been quick to dismiss the theory. Matteo Pellegrini, CEO of the Orange Pill App, has called the findings speculative, arguing that the so-called evidence does not hold up under scrutiny.

He refutes Murray’s claim that Bitcoin’s first transaction took place on January 11, 2009, pointing to official records that confirm the actual date as January 12. He also disputes the notion that Bitcoin’s source code documents are all timestamped at 4 a.m., supposedly mirroring Dorsey’s late-night work habits.

Additionally, he rejects the claim that Bitcoin addresses associated with Satoshi contain references to Dorsey’s former San Francisco residence at 2 Mint Plaza, stating that no concrete proof exists linking Dorsey to that address.

The identity of Satoshi Nakamoto has remained one of the biggest mysteries in modern finance. Since his disappearance in 2010, numerous theories have attempted to unmask him, with various figures—including Nick Szabo, Hal Finney, and Dorian Nakamoto—previously suspected.

In recent years, filmmaker Cullen Hoback even suggested that Canadian Bitcoin Core developer Peter Todd could be Satoshi, though this claim also lacked definitive proof.

Murray, however, believes his research provides the final piece of the puzzle. He argues that Nakamoto used vanity Bitcoin addresses, a type of custom BTC address, as revealed in an email exchange with early Bitcoin developer Hal Finney.

Some of these addresses allegedly contained the initials "NS," referencing Satoshi Nakamoto’s pseudonym. According to Murray, after that email, Dorsey sent Bitcoin to four specific addresses, including one with the sequence "jD2m" embedded within it. He interprets this as a reference to “Jack Dorsey 2 Mint (jD2m),” reinforcing his claim that Dorsey lived at 2 Mint Plaza during Bitcoin’s early development.

Pellegrini has pushed back on these assertions, arguing that the supposed NS17 vanity address is not even present in the original Bitcoin source code. He also points out that there is no direct evidence linking Satoshi’s hacked GMX email to St. Louis, Missouri, the city where Dorsey was born. Despite these counterarguments, Murray remains convinced that Dorsey is the architect of Bitcoin.

The question remains: does uncovering Satoshi’s identity even matter? Bobby Shell, Vice President of Marketing at Voltage, argues that the ongoing search for Nakamoto is unnecessary and even dangerous. He believes that revealing Satoshi’s true identity serves no purpose other than putting people at risk.

“There is no value in knowing who Satoshi is. The speculation and finger-pointing only jeopardize individuals' safety and contribute nothing meaningful.”

Others disagree. Pellegrini acknowledges that if Dorsey were somehow confirmed as Satoshi, the implications would be profound. It would make him the most influential figure in Bitcoin’s history and immediately spark discussions about the cryptocurrency’s origins, governance, and future trajectory.

While some argue that such a revelation could trigger fears of centralization, others, like VanEck’s Matthew Sigel, believe that it would bring much-needed clarity to Bitcoin’s legacy without significantly impacting its price or adoption.

Murray presents additional evidence to support his speculation

Murray has put forward additional pieces of evidence in an attempt to strengthen his case. He notes that Dorsey has long expressed admiration for Bitcoin, often speaking about decentralization and financial sovereignty.

He also highlights cryptic messages from Dorsey over the years, including a 2001 manifesto about leaving a mark without a trace and a 2003 post about ending his dependence on the U.S. dollar to create a barter network. Bitcoin itself was built on the premise of financial independence from government-issued currencies, aligning with Dorsey’s documented views.

Further adding to the speculation, Murray points to an eerie parallel between Satoshi’s disappearance and Dorsey’s career milestones. In December 2010, Satoshi discouraged donations to WikiLeaks, warning that Bitcoin was not yet ready for public scrutiny.

Just nine days later, Twitter—then under Dorsey’s leadership—received a secret court order requiring it to hand over data on WikiLeaks. A few months later, in March 2011, Dorsey was appointed executive chairman of Twitter while still leading Square (now Block). Around that same time, Satoshi vanished from public discourse. Dorsey later tweeted that he was “very busy with both.”

Murray also draws attention to Hacktivist, a novel published by actress Alyssa Milano in 2013, which he claims was inspired by Dorsey. The book tells the story of a tech entrepreneur living a double life under a famous pseudonym.

A 2015 sequel continues this narrative, featuring a character whose identity is hijacked and whose software is manipulated beyond his control. Murray points out that the antagonist’s logo in the second book bears a striking resemblance to Gavin Andresen’s Bitcoin Faucet logo. Two weeks after the novel’s release, Satoshi briefly reappeared on the Bitcoin mailing list, shocking the crypto community.

Dorsey has remained characteristically vague when asked directly about Satoshi’s identity. In a 2023 interview with Lex Fridman, he cryptically remarked that if he were Satoshi, he wouldn’t admit it. More recently, in July 2024, Dorsey posted on Nostr that he often imagines Satoshi sitting back and laughing at the chaos surrounding Bitcoin’s evolution.

While Murray remains convinced that Dorsey is the man behind Bitcoin, the truth remains elusive. Whether Satoshi’s identity will ever be definitively revealed is still an open question.