“The rest is a combination of coincidence and similar phrases from people with similar experience and interests,” Back wrote.

He added that he does not know who Satoshi is and said that it may be good for Bitcoin. In his view, the mystery helps frame Bitcoin as “a new asset class, the mathematically scarce digital commodity.”

Others also questioned the conclusions. Joe Weisenthal, a Bloomberg columnist and co-host of the Odd Lots podcast, said he was “not 100% convinced by the evidence or the conclusion.”

“The stylometry is interesting, but on content, ofc all the cypherpunks had similar thoughts on politics and privacy and the architecture of the internet,” he wrote on X. He also questioned why Back would speak openly about earlier work like Hashcash under his real name but use strict anonymity for Bitcoin.

“None of us are that consistent with hyphenization,” Weisenthal added, arguing that shared writing quirks may not be meaningful. He noted that Back was already among those closest to assembling Bitcoin-like ideas before its launch, which could explain his later involvement.

The question of Satoshi’s identity has drawn speculation for years. Several books, documentaries and articles have claimed to have solved it, only for those cases to unravel or fail to persuade the wider Bitcoin community. In 2024, one high-profile documentary pointed to developer Peter Todd, who denied the claim.

Nicholas Gregory, a U.K.-based early Bitcoin participant, also pushed back on the latest theory.

“I don’t believe Adam Back is Satoshi based on my personal interactions with him,” Gregory said. “However, if he were, we would have to respect the extraordinary lengths he has gone to in order to ensure no one thinks it’s him. In that case, we should honor his clear desire for privacy.”

Gregory said the longer the search continues, the more extreme the theories become. He added that many reporters miss key parts of Bitcoin’s early history and make avoidable errors.

He also warned that publicly identifying Satoshi could put that person and their family at risk.

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