A Cypherpunk Past
Murray highlights Dorsey’s deep-rooted interest in cryptography during his university years. Dorsey wore an RSA t-shirt from Hashcash creator Adam Back, received cryptographic newsletters, and took a university course focused on encryption technologies. In 2003, he penned an autobiography detailing his experiences with hacking and cryptographic projects, often working on them at 4 a.m. This is notable because early Bitcoin code documents are timestamped at similar hours.
Dorsey also expressed ideas about financial independence and alternative systems of trade. He once wrote about moving away from reliance on the US dollar and creating a barter network—concepts central to Bitcoin’s original vision.
Uncanny Coincidences with Bitcoin’s Timeline
Between September 2007 and January 2009, Dorsey’s Twitter bio simply read, “sailor.” Interestingly, the original Bitcoin code contains a phrase widely known among sailors: “Never go to sea with two chronometers—take one or three.”On January 10, 2009, Satoshi mistakenly logged into an IRC chat, revealing a California-based IP address. At the time, Dorsey was also in California. Murray points out other striking coincidences:
- The first-ever Bitcoin transaction took place on Dorsey’s mother’s birthday.
- Satoshi joined the Bitcoin forum on Dorsey’s own birthday.
- The last block mined by Bitcoin’s creator fell on Dorsey’s father’s birthday.
- Even more curiously, Bitcoin addresses generated by Satoshi contained patterns that seem to reference Dorsey’s San Francisco address: Jack Dorsey, 2 Mint Plaza.
Satoshi’s Disappearance and Dorsey’s Rise
In late 2010, Satoshi posted on the Bitcoin forum advising against donating cryptocurrency to Wikileaks. The next day, Twitter received a subpoena demanding details about the non-profit organisation. Shortly after, Satoshi vanished from public discussions.In March 2011, Dorsey became Twitter’s Executive Chairman while also leading Square. Just a month later, Satoshi sent his final known message. Murray believes this is no coincidence. “When Satoshi told Martti Malmi that he was genuinely busy with work, Dorsey was fully engaged in launching Square,” he notes.
Doubts and Counterarguments
Not everyone buys into this theory. BitMEX Research analysts argue that it’s difficult to determine exactly when Satoshi stopped mining Bitcoin. They challenge one of Murray’s key claims: “How do you know Satoshi’s last mined block, when the Patoshi pattern gradually degrades over time?”
In 2014, Satoshi’s email account was hacked, and the attacker threatened to expose his ties to St. Louis—Dorsey’s hometown. The hacker never followed through.
Then in 2020, during an interview with Lex Fridman, Dorsey was asked directly if he was Satoshi. His response? “I would not admit it even if I were.” Murray sees this as a stark contrast to others who have been suspected, such as Nick Szabo, Adam Back, and Hal Finney, all of whom outright denied any involvement.
Dorsey’s Cryptic Remarks
Dorsey has remained elusive on the subject. In July 2024, he posted on the decentralised platform Nostr: “I often imagine Satoshi sitting somewhere, laughing at all of this.”
He later thanked the late Hal Finney, one of Bitcoin’s earliest contributors, for his work. For Murray, this only fuels the speculation. “The belief that Satoshi never wanted to be found is something others have made up about him. Satoshi chose pseudonymity, not anonymity.”
A Mystery That Endures
Earlier, HBO’s documentary Money Electric: The Bitcoin Mystery suggested Canadian programmer Peter Todd was Satoshi. Todd denied it and later went into hiding due to safety concerns.
So, is Dorsey the mastermind behind Bitcoin? There’s no concrete proof, just an intriguing web of connections. The mystery of Satoshi Nakamoto remains one of the tech world’s greatest unsolved puzzles—and the theories are far from over.
