Matthew Sigel, head of digital assets research at asset management firm Vaneck, stirred debate on social media platform X on Feb. 18 by stating his belief that Jack Dorsey, CEO of Square and founder of Twitter (now X), is bitcoin’s elusive creator, Satoshi Nakamoto.

“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 wrote, elaborating:

The evidence linking Jack to Satoshi is a combination of technical parallels, circumstantial links, patterns (including timing), uncanny coincidences, motive and ability.

While acknowledging the evidence is not conclusive, he argued that investigating the theory is important, especially as bitcoin’s market value nears $2 trillion.

Sigel’s remarks came in response to research by Seán Murray, who compiled an extensive analysis linking Dorsey to Nakamoto. Murray pointed to Dorsey’s early involvement in the cypherpunk movement, his background in cryptography, and a series of coincidences aligning bitcoin-related events with key dates in Dorsey’s life. He also noted that Satoshi logged into IRC from a California IP address—where Dorsey lived at the time—and that references in bitcoin’s original code seemingly connect to Dorsey.

Addressing concerns that this speculation could be harmful to bitcoin, Sigel rejected the idea, stating: “Some have argued that publicizing this suspicion harms Bitcoin or its community. I strongly disagree. Even if Jack does still hold 5.2% of Bitcoin supply, the protocol’s decentralized design ensures it remains beyond any one individual’s control.” He added that clarity on this matter could mitigate fears surrounding Satoshi’s 1.1 million BTC holdings.

Sigel contrasted Dorsey with other figures who have been suspected of being Satoshi, including Paul Le Roux, an imprisoned programmer whose potential release in 2032 has fueled concerns about bitcoin’s stability. Others such as Craig Wright, Adam Back, Nick Szabo, Peter Todd, and Hal Finney have also been linked to the mystery, though they have either denied involvement or failed to provide definitive proof. Meanwhile, Murray suggested that Dorsey has subtly acknowledged the connection without explicitly confirming it, citing Dorsey’s Satoshi-themed shirts, cryptic statements, and role in countering Wright’s claims. Sigel called for further investigation, stating:

If Satoshi is meant to remain unknown, scrutiny will reveal that as well. I understand this view may provoke strong reactions, but I believe it’s a conversation worth having.

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