From mystery to legend: What do we know about the invisible genius of Bitcoin

On April 5, 2025, the half-century anniversary of Satoshi Nakamoto is theoretically celebrated — or at least the date he chose for his birthday. Although Bitcoin revolutionized the global financial system and surpassed $109 000 at the beginning of the year, its creator remains shrouded in an impenetrable fog of mystery more than a decade and a half after disappearing from the internet in 2011.

Understanding the mystery — Who is behind the pseudonym?

The true identity of Satoshi Nakamoto is one of the most elegant puzzles of the digital age. No one knows for sure whether he is a man, a woman, or a collective of minds who conspired to change the world. What is certain is that on October 31, 2008, someone published a nine-page document — the Bitcoin white paper — which introduced the concept of an electronic cash system operating without financial intermediaries.

Linguistic analysis reveals interesting details. Although Nakamoto claimed to be a 37-year-old man from Japan, his writings show impeccable English with British spelling — “colour” instead of “color,” “optimise” instead of “optimize.” Activity patterns point to a soon-to-be English-speaking time zone, most likely the US or the UK. The technical style includes Hungarian notation and other programming conventions from the late 1980s and mid-1990s, suggesting a developer with decades of experience.

Leading candidates: Who is the genius?

Hal Finney (1956-2014) remains one of the most convincing candidates. The cryptographer and early contributor received the first Bitcoin transaction from Nakamoto. His coding background, cryptography expertise, and proximity to Dorian Nakamoto in California have led many to suspect him. Before his death from ALS in 2014, Finney firmly denied any connection.

Nick Szabo conceptualized “bit gold” in 1998 — a direct predecessor to Bitcoin. Linguistic comparison showed striking similarities to Nakamoto’s style. Szabo consistently denies involvement, humorously stating: “I’m afraid you’ve mistaken me for someone else.”

Adam Back developed Hashcash — a proof-of-work system cited in the Bitcoin white paper. He was one of Nakamoto’s first contacts, possessed the necessary cryptographic expertise, and used British English.

Craig Wright is the only one who publicly claims to be Satoshi. In March 2024, a judge from the UK High Court definitively ruled that “Dr. Wright is not the author of the Bitcoin white paper” and that the documents he presented are forgeries.

In 2024, HBO documentary pointed to Peter Todd, an early Bitcoin developer, as a potential candidate based on chat messages and Canadian English. Todd dismissed the speculation as “absurd.”

The significance of the date — Hidden message

The choice of April 5, 1975, is no coincidence. On April 5, 1933, President Franklin Roosevelt signed Executive Order 6102, which made it illegal for Americans to own gold. The year 1975 marks when this restriction was finally lifted. Satoshi chose a date that symbolizes the libertarian protest against government control of money — an idea fully embodied in Bitcoin.

Stylistic evidence suggests that Nakamoto is likely older than 50. The double-spacing after periods (printing habit before the 1990s) and archaic programming conventions point to someone with thirty years of experience in technology.

The astronomical wealth that has never been spent

Through blockchain analysis, researchers found that Satoshi likely mined between 750,000 and 1,100,000 Bitcoin during the first year. With current value near $85 000 per coin, this amounts to wealth between $63.8 billion and $93.5 billion — making him one of the top 20 wealthiest people on the planet.

But here’s the striking part: none of these Bitcoin addresses have ever been moved. In 2010, developer Sergio Demian Lerner identified a pattern known as the “Patoshi Pattern,” which revealed that Nakamoto intentionally reduced his activity over time to allow others to mine coins.

In 2019, rumors emerged that some coins had been moved. Most analysts, however, dispute this, noting that the patterns do not match Nakamoto’s known addresses.

Why does such enormous wealth remain untouched? Three main theories dominate: Nakamoto lost access to his private keys; Nakamoto has died; or he deliberately left the wealth as a gift to the Bitcoin ecosystem.

The philosophy behind anonymity

Satoshi’s disappearance is not a whimsical decision — it is fundamental to Bitcoin’s architecture. If the creator had remained a public figure, he would have become a central point of failure for the entire network. Governments would have pursued him. Competing interests would have bribed or threatened him. His public statements could have shaken the market.

Anonymity protects Bitcoin’s vision — a system that operates without trust in any individual or institution. In a system designed to eliminate central authorities, an anonymous creator is the perfect answer.

Thanks to the genius: The legacy that continues to grow

As Bitcoin reached a historic maximum of $109 000 in January 2025, Nakamoto’s theoretical wealth temporarily surpassed $120 billion. In March 2025, President Donald Trump signed an executive order to create a National Bitcoin Reserve — a sign that digital wealth is now recognized at the highest legal level.

Satoshi’s legacy transcends technology. In 2021, a bronze bust was unveiled in Budapest with a reflective surface so viewers see themselves — symbolizing the idea that “we are all Satoshi.” In 2022, even the brand Vans released a limited clothing collection bearing his name.

His quotes have become slogans of the movement: “The main problem with conventional currencies is all the trust required.” “If you don’t believe me or don’t understand, I don’t have time to convince you.”

The blockchain he invented became the foundation of an entire industry — from Ethereum to decentralized finance to CBDC digital currencies.

Will the truth ever be revealed?

In October 2023, rumors spread that the identity would be revealed on October 31, 2024 — exactly 16 years after the white paper was published. Experts dismissed these claims as unfounded.

Maybe someday someone will find evidence. Or perhaps the mystery was designed as part of the creation — a fine mathematical puzzle that the world is never meant to solve. With approximately 500 million users utilizing cryptocurrencies in 2025, Nakamoto’s absence has become part of his mythology — a creator who gave the world revolutionary technology and then allowed it to develop organically without centralized control.

This is probably the best possible ending to the story.