Cullen Hoback’s new documentary Money Electric: The Bitcoin Mystery, released on Tuesday by HBO, embarks on two bold missions. First, it seeks to uncover one of the internet’s biggest enigmas: the true identity of Satoshi Nakamoto, the anonymous creator of Bitcoin, who introduced the cryptocurrency in 2008. The second goal is to argue why Satoshi’s identity matters, positing that despite Bitcoin’s shortcomings, it represents a groundbreaking technological achievement with vast implications, and that understanding who created it has significance beyond mere curiosity.

Let’s begin with the first aim. For over a decade, cryptocurrency enthusiasts and journalists have fiercely debated Nakamoto’s identity, with numerous investigations yielding no definitive answers. Some missteps, such as Newsweek’s notorious 2014 cover story wrongly identifying physicist Dorian Nakamoto as the creator, have only added to the confusion.

Back in 2015, my former colleague Nathaniel Popper suggested Nick Szabo, the inventor of a digital currency similar to Bitcoin, might be Nakamoto. However, Szabo denied it, and conclusive evidence never materialized.

Hoback, who previously delved into the QAnon conspiracy in his film Q: Into the Storm, took a similarly thorough approach here. He spent three years traveling worldwide, interviewing early Bitcoin contributors, following digital trails on old message boards, and assembling evidence. His theory points to Peter Todd, a Canadian developer who contributed to Bitcoin in its early days, as Satoshi.

“I’m convinced,” Hoback said in a recent interview. “Based on the evidence, I believe Peter Todd is Satoshi. He might have shared the secret with others, but everything lines up with him.”

Todd is not one of the usual suspects in this mystery. (His name didn’t even appear on Polymarket, a prediction market where Bitcoin enthusiasts were betting on who the documentary would identify as Nakamoto.) Some in the Bitcoin community find it hard to believe that Todd, only 23 when the Bitcoin white paper was published, could have masterminded such a complex system.

However, Hoback presents substantial evidence to support his claim. One key detail is a 2010 forum exchange where Todd seemed to continue Nakamoto’s thought, possibly indicating they were the same person and that Todd accidentally posted from the wrong account. Shortly after, both Todd’s account and Nakamoto vanished.

The film also highlights inconsistencies in Todd’s story, such as his old résumé listing proficiency in C++, the language used to write Bitcoin’s code, which he later denied knowing. Additionally, there’s the possibility Todd created a fake account to obscure his role in a Bitcoin feature’s development, and notable similarities in his writing style to Nakamoto’s.

Todd’s reaction when Hoback confronted him with this theory is telling. He stumbled over his words, dismissed the idea as “ridiculous,” but didn’t entirely clear himself or offer a better explanation. “We gave him every chance to explain that 2010 post,” Hoback said. “But he couldn’t. Peter is rarely at a loss for words, yet here he was.”

While intriguing, this isn’t a definitive answer. To prove Todd is Nakamoto, you’d need access to Nakamoto’s Bitcoin wallet or other indisputable evidence, which the film doesn’t provide. Nevertheless, Hoback’s evidence makes a strong case that Todd was deeply involved in Bitcoin’s creation until a more compelling theory arises.

On Tuesday, Todd emailed to deny the film’s central claim, stating, “For the record, I am not Satoshi.” He added, “It’s an irrelevant question because Satoshi would simply deny it.” He dismissed the 2010 forum post as mere coincidence.

So, does it really matter who Nakamoto is? Bitcoin’s journey, with all its successes and failures, hasn’t depended on the founder’s identity. Nakamoto left the project in 2011 and hasn’t been involved in its critical decisions since. Knowing who Nakamoto is wouldn’t sway Bitcoin devotees or convince skeptics who view cryptocurrency as a scam.

Hoback, however, argues that Nakamoto’s identity is crucial because of the enormous financial and power implications. Many estimates suggest Nakamoto controls over a million Bitcoin, about 5% of the total supply, worth over $60 billion today. If those coins are ever accessed, it could reveal a hidden billionaire with immense influence.

“Wouldn’t you want to know if someone anonymous controlled one-twentieth of all the gold on Earth?” Hoback asked. I would—and I’m equally curious about Nakamoto’s view on Bitcoin’s evolution since its creation.

In less than 20 years, Bitcoin has spawned a trillion-dollar industry, enabled vast scams, created and erased fortunes, become legal tender in multiple countries, and triggered global regulatory battles. It’s a compelling saga, and I hope someday Nakamoto steps forward to share it. Until then, we can only speculate and appreciate the efforts of those, like Hoback, who continue to search for answers.