Bitcoin Is More Advantageous for Individual Investors

According to Szabo, Bitcoin’s most significant advantage for individual investors is the ability to self-custody assets. In the case of physical gold, investors face additional costs such as vault rental, insurance, security, and theft risk. With Bitcoin, these costs can be significantly reduced through technological solutions.

He also emphasized that Bitcoin’s transfer process is faster and more cost-efficient compared to gold, particularly in terms of global settlement and verification. Transporting, verifying, and delivering physical gold involves operational burdens that are far more complex and expensive than Bitcoin’s digital verification mechanisms on its network.

A More Balanced Comparison for Institutions

On the institutional side, Szabo noted that the comparison becomes more balanced. When Bitcoin is held at an institutional scale, additional costs arise from trust infrastructure, regulatory compliance, and operational oversight. Therefore, in his view, Bitcoin is neither significantly cheaper nor more expensive than gold for institutions.

He underlined that in institutional custody processes, the primary cost drivers are not only technology, but also legal frameworks, trust structures, and control mechanisms.

Custody Technologies and Centralization Criticism

Szabo argued that both individual and institutional Bitcoin self-custody costs could decrease substantially over time as technology advances. However, he stressed that these technologies are still in a maturation phase, are not yet widely understood, and require support models that differ significantly from traditional institutional trust systems.

He also criticized the long-standing centralized custody habits of Wall Street and banks, suggesting they have slowed Bitcoin’s evolution toward a more distributed structure. Szabo described Bitcoin’s concentration within large custodial institutions as a “temporary but embarrassing centralization,” indicating that this concentration shows Bitcoin’s maturation process is not yet complete.

The Core Difference Between Gold and Bitcoin

Szabo pointed out that gold, with its approximately 6,000-year history, has limited room left for innovation in reducing storage and verification costs. In contrast, Bitcoin still has substantial innovation potential. While gold’s centralized structure—largely stored in bank vaults—is unlikely to change in the short term, Szabo believes Bitcoin could gradually evolve toward a more decentralized, individual-focused custody model.

Overall, Szabo’s evaluation highlights that Bitcoin offers structural advantages over gold, particularly for individual investors. Although the comparison remains more balanced at the institutional level, he argues that ongoing technological advancements could further reduce Bitcoin’s custody and security costs in the long run. In this sense, while Bitcoin may not yet be fully mature, it arguably possesses far greater innovation potential than gold.

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HBO has prepared a new documentary aimed at uncovering the identity of Bitcoin’s mysterious creator, Satoshi Nakamoto. Titled “Money Electric: The Bitcoin Mystery,” this documentary addresses speculations about Satoshi Nakamoto’s identity and suggests that recognized figures in the field of cryptography, such as Adam Back, Nick Szabo, and Len Sassaman, could be potential candidates.

The documentary focuses on the evaluation of these three individuals as possible Satoshi Nakamoto candidates based on speculations in the decentralized betting market, Polymarket.

Has the Mystery of Satoshi Nakamoto Been Solved?

The identity of Satoshi Nakamoto is a significant topic in Bitcoin’s history. Nakamoto withdrew from the project in December 2010, and since then, numerous misidentifications and claims have emerged. One of the most notable incidents was in 2014 when *Newsweek* identified California-based physicist Dorian Nakamoto as the creator of Bitcoin. Following this, themed memecoins featuring Dorian were created on the Arbitrum, Ethereum, and Solana platforms.

A year later, in 2015, *Gizmodo* and *Wired* introduced Australian computer scientist Craig Steven Wright as Satoshi. However, an English court definitively ruled that Wright did not create Bitcoin. There are claims that Wright’s late colleague, David Kleiman, also played a role in Bitcoin’s creation; however, neither Wright nor Kleiman has been able to sign any transactions that would prove they control the Bitcoins.

Thus, the claims about both individuals have been fabricated.

New Satoshi Candidates Have Emerged!

Over the years, many potential candidates for Satoshi have been suggested. Following HBO’s documentary, Len Sassaman and Adam Back’s names have been put forward.

Is Len Sassaman Satoshi?

In 2021, Evan Leung Hatch claimed that Len Sassaman was Satoshi. Sassaman was a coder who died by suicide at the age of 31 and had close ties with the Father of Cryptography, David Chaum. However, Sassaman’s wife stated that she did not believe her husband created Bitcoin.

Could Adam Back Be Satoshi?

Adam Back is one of only ten people cited in the original Bitcoin technical paper. Back founded the Bitcoin development company Blockstream and was one of the first two people to initiate correspondence with Satoshi. However, Back has repeatedly denied these claims and argued that Satoshi’s remaining anonymous would help Bitcoin be perceived as a commodity.

HBO’s documentary reopens the discussion on how the efforts to identify Satoshi Nakamoto have evolved and the impact of the creator’s identity on the cryptocurrency world. It remains to be seen how this documentary will resonate within the crypto community and whether it will lead to potential memecoin movements.

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