The mystery surrounding the identity of Bitcoin’s elusive creator, Satoshi Nakamoto, has taken another unexpected turn. New speculation links Twitter co-founder and Block CEO Jack Dorsey to the pseudonymous figure.

This theory is fueled by connections between Dorsey’s past activities and key Bitcoin (BTC) milestones.

The Jack Dorsey is Satoshi Nakamoto Theory

The speculation was reignited by a detailed post from popular X user Sean Murray. Murray outlined numerous coincidences and evidence linking Dorsey to Bitcoin’s early days.

“Wrote a manifesto about making a mark without leaving a trace in 2001…Jack parades himself around in a Satoshi shirt…Posted in 2003 that he is ending his dependence on the US dollar and creating a barter network,” Murray noted.

According to Murray, Dorsey was an active member of the cypherpunk community as early as 1996. He was also a known cryptography enthusiast and a skilled programmer in multiple languages. The post highlights Dorsey’s early participation in cryptographic mailing lists and forums.

It also cites a history of discussing pseudonyms, digital privacy, and financial decentralization. Further, Bitcoin.org was registered the day after Dorsey tweeted a cryptic message about sailing. According to Murray, this echoes a famous sailor’s adage in the original Bitcoin source code.

Additionally, the earliest Bitcoin documentation timestamps align with Dorsey’s known habit of late-night work. Beyond that, key Bitcoin milestones align with significant dates in Dorsey’s personal life.

Specifically, Murray highlights Satoshi’s forum activity, which coincided with Jack Dorsey’s birthday and those of his family members.

Murray’s consequential evidence includes Dorsey’s deep admiration for Bitcoin and persistent advocacy for its decentralization principles.

Murray’s theory suggests that Bitcoin was Dorsey’s “masterpiece.” He describes it as an art form through which he aimed to transform digital finance while maintaining pseudonymity rather than complete anonymity.

“The belief that Satoshi never wanted to be found is something that other people invented about Satoshi. Satoshi chose pseudonymity, not anonymity, as Jack so pointed out in a podcast with Lex Fridman. The reason why Jack would do all of the above, while not directly admitting it, is because Satoshi and Bitcoin are his art. And it’s a masterpiece,” Murray added.

Given the extensive circumstantial evidence, the theory connecting Jack Dorsey to Satoshi Nakamoto remains speculative but compelling.

Bitcoin price remains unmoved by this speculation. As of this writing, BTC was trading for $96,308, down by 0.02% since Tuesday’s session opened.

Ongoing Speculation Around Satoshi Nakamoto’s Identity

The question of who created Bitcoin has been a long-standing debate, with numerous individuals speculated to be Satoshi Nakamoto. Recently, an HBO documentary claimed to have unmasked Bitcoin’s creator five months ago, sparking further interest.

However, the documentary turned out to be speculative at best, naming Peter Todd and leaving the question of “who is Satoshi Nakamoto” unanswered.

“I’m not Satoshi,” Todd said on X (Twitter).

Similarly, a recent Satoshi Nakamoto “reveal” conference in London also fell apart bizarrely. As BeInCrypto reported, this further fueled skepticism around those claiming to be Bitcoin’s creator. Beyond Todd and now Dorsey, several other figures have previously been linked to Satoshi.

Among them was Len Sassaman, a cryptographer who passed away in 2011. Due to his work on anonymity-focused projects, he was thought to have been a prime suspect. However, his widow, Meredith L. Patterson, denied the speculation.

“Meredith L Patterson, Len Sassaman’s widow, denied the speculation that Len Sassaman was Satoshi Nakamoto in an interview. HBO never contacted her when making the documentary,” WuBlockchain reported.

Another theory involved Nick Szabo, a well-known cryptographer and creator of “Bit Gold,” a precursor to Bitcoin. As BeInCrypto reported, 10X Research pointed to Szabo, adding an intriguing layer to the mystery surrounding the true identity of the elusive Bitcoin creator.

Similarly, Craig Wright, an Australian entrepreneur, has claimed to be Satoshi Nakamoto but has repeatedly failed to provide conclusive proof. Recently, he lost another legal battle regarding his claim.

Backlash Against the Speculation

While some Bitcoin enthusiasts are eager to uncover Satoshi’s identity, others argue that such speculation is harmful.

“Accusing someone of being Satoshi without providing bulletproof evidence makes you [a bad person] because you’re painting a target on them,” Security expert Jameson Lopp criticized.

Similarly, Rusty Russell, an open-source developer, warned against such speculation, citing a violation of privacy.

“Speculating on Satoshi’s identity is not just a way to increase someone’s risk of violent theft attempts: it also pointlessly disrespects his clear desire for privacy,” Russell added.

These concerns have precedent. The recent HBO documentary’s allegations about Bitcoin’s founder forced cryptographer Peter Todd into hiding, illustrating the potential dangers of such exposure.

As the debate continues, new theories emerge. Coinbase director Conor Grogan suggested that Kraken, a major cryptocurrency exchange, may hold crucial clues to Satoshi’s identity.

Additionally, concerns have been raised about the future security of Satoshi’s Bitcoin holdings. Tether’s CEO warned that advancements in quantum computing could compromise Nakamoto’s vast Bitcoin stash.

Whether Dorsey is truly the mastermind behind Bitcoin remains to be seen. However, industry experts like Mathew Sigel, head of digital assets research at VanEck, support the theory that Jack Dorsey is Satoshi Nakamoto.

“In the spirit of full disclosure, intellectual honesty, posterity’s judgment, and rigorous debate, I would like to share my strong belief: I have become personally convinced that Jack Dorsey – CEO of Square and founder of X – is Bitcoin’s founder Satoshi Nakamoto. This is my opinion, not that of VanEck,” Sigel shared on X.

Despite the challenging macroeconomic environment, Federal Reserve chairman Jerome Powell has revised his stance on Bitcoin, which has given investors cautious hope for cryptocurrencies.

Comparing Bitcoin to gold during an appearance at the New York Times DealBook Summit, Powell characterized the flagship crypto as a “speculative asset” rather than a direct competitor to the US dollar.

This is a significant departure from his previous dismissive stance toward the world’s largest cryptocurrency, which has a market capitalization of approximately $1.4 trillion.

Powell’s Changing Viewpoint On Bitcoin

Binance founder Changpeng Zhao (CZ) promptly emphasized this development as “an improvement to the previous narrative,” indicating that industry leaders were aware of Powell’s rhetorical shift.

That’s an improvement to the previous narrative. Baby steps… https://t.co/4F95yEbnp5

— CZ 🔶 BNB (@cz_binance) February 15, 2025

The specific characterization of Bitcoin as “like gold only… virtual… digital” by Powell implies a growing adoption of cryptocurrencies within traditional financial frameworks.

What Jerome Powell thinks about Bitcoin👇

Bitcoin is digital gold. It’s not here to replace the dollar, but a strong competitor to gold. pic.twitter.com/AwbeCCQ15I

— Kashif Raza (@simplykashif) February 15, 2025

Despite this, he stated that Bitcoin is unable to challenge the supremacy of the dollar because of its highly volatile nature and its limited use as a payment method.

Economic Constraints & The Challenging Crypto Landscape

The cryptocurrency market currently operates against a backdrop of concerning economic indicators that threaten to delay the anticipated bull cycle.

In January, the Producer Price Index (PPI) reached its highest level since February 2023 at 3.5%, while the Consumer Price Index (CPI) showed a 3% increase in inflation, marking its highest level since February 2023.

Despite these challenges, Bitcoin has been remarkably resilient; on major exchanges, 24-hour trade volumes have topped $22 billion. The market value of the cryptocurrency market has increased to about $2.3 trillion over the past two years as a result of significant institutional investment.

Monetary Policy Decisions

Powell’s comments on February 11th reaffirmed the Federal Reserve’s dedication to Quantitative Tightening (QT) while resisting the reimplementation of Quantitative Easing (QE) until under severe economic circumstances. This position has considerable ramifications for risk assets such as cryptocurrencies.

Bitcoin Still At $96k Level

Bitcoin was selling above $96,000 at the time of this writing. It had been moving between $94,000 and $95,000.

Featured image from Pexels, chart from TradingView

Crypto market participants, including traders and investors, should brace for multiple US economic data this week, which could affect their portfolios. Key events this week could drive volatility after the US CPI (consumer price data) last week.

Meanwhile, Monday’s US President’s Day will keep markets closed, but Bitcoin (BTC) will be available for trading throughout.

US Economic Events on the Crypto Calendar This Week

As the influence of US economic data on crypto markets remains apparent, traders and investors must watch out for the following data this week.

January FOMC Minutes

The Federal Reserve (Fed) will release minutes from January’s FOMC (Federal Open Market Committee) meeting on Wednesday, February 19. This is one of the most important US economic data this week, as what policymakers say could help markets further gauge the Fed’s interest rate outlook.

The minutes come after recent reports indicated CPI inflation jumped month over month. This effectively marked bad news in the short term, with crypto markets showing negative sentiment. However, there are no major signs of inflation re-acceleration.

The Fed chair, Jerome Powell, told a Senate Banking Committee that he is not in a hurry to cut interest rates. President Donald Trump pressed for bigger rate cuts to counter high inflation, but Powell held firm.

Market participants now brace for further adjustments as they await additional policy updates. The January FOMC minutes could provide some insight into this matter, specifically addressing whether rate cuts are incoming or that policymakers lean toward more hawkish signals.

“The minutes are widely expected to mirror Fed’s Powell testimony on economic conditions against the Senate last week,” financial market analyst Atif Ismael shared.

Initial Jobless Claims

Beyond the January FOMC minutes, the crypto market will also watch the initial jobless claims on Thursday, providing insight into the US labor market. For the week ending February 15, US citizens filing new applications for unemployment insurance was 213,000. 

This print missed initial estimates and was lower than the previous week’s revised tally of 220,000. According to the US Department of Labor (DoL), the report highlighted a seasonally adjusted insured unemployment rate of 1.2%. MarketWatch data shows a median forecast of 215,000 for this week’s initial jobless claims.

Higher initial jobless claims in the Thursday report suggest increasing economic hardship and a weakening labor market, which could lead to decreased consumer spending. This slowdown prompted the Fed to consider rate cuts to stimulate the economy.

As rates decrease, borrowing becomes cheaper, potentially boosting spending and investment. This scenario favors Bitcoin, as lower rates can increase demand for alternative assets.

Consumer Sentiment

The US Consumer Sentiment Index, specifically the preliminary report, reflects consumers’ overall confidence and optimism regarding the economy. The University of Michigan will release this data on Friday.

A positive reading on Friday can increase optimism in financial markets, including cryptocurrency. This could result in higher demand for Bitcoin as investors seek assets with growth potential.

Similarly, if consumer sentiment is strong, it may indicate that consumers are more willing to spend and take risks. This positive outlook can translate into increased risk appetite among investors, potentially leading them to allocate more funds to cryptocurrencies like Bitcoin.

Nevertheless, it is impossible to ignore that consumer sentiment data often includes information on inflation expectations. Therefore, the FOMC minutes on Wednesday will be crucial. If consumers anticipate higher inflation, they may look for alternative stores of value to protect their wealth. Bitcoin, often called “digital gold,” may benefit from increased interest as a hedge against inflation.

However, before the economic data, Bitcoin (BTC) was traded at $95,984, down by 1.58% since Monday’s session opened.