An interesting turn of events occurred last October. HBO released a documentary that hinted at revealing the true identity of the Bitcoin creator. Maybe it's just a marketing stunt, but the community has once again ignited with speculation. A wave of bets immediately started on prediction markets about who is really behind the pseudonym Satoshi Nakamoto.

One figure has come to the forefront of these debates — Nick Szabo. If you follow the history of cryptography seriously, you probably know that this American cryptographer and legal scholar was active in the field long before Bitcoin appeared. Szabo graduated with a degree in computer science from the University of Washington in 1989 and later earned a J.D. His contributions to blockchain development began in the 1990s, which is impressive in itself.

What sets Nick Szabo apart: in 1994, he introduced the concept of smart contracts. It was a revolutionary idea — using code to enforce legal obligations in the digital space. Later, this concept became the foundation of the entire blockchain industry as we know it today. But that’s not all. In 1998, Szabo proposed bit gold — a digital currency that required no intermediaries and solved the double-spending problem through a proof-of-work mechanism. If you’ve ever read about Bitcoin, you’ll notice that it sounds remarkably familiar.

Szabo’s bit gold used a chain of cryptographic solutions but relied on a quorum of addresses for consensus, which, as later revealed, created vulnerabilities to Sybil attacks. However, the idea itself was surprisingly progressive. Szabo described his motivation as follows: the problem is that money depends on trust in third parties. The 20th-century history is full of examples of inflation and hyperinflation that destroyed this system. Bit gold is widely recognized as one of the main predecessors of Bitcoin.

Now, the most interesting part. Exactly ten years after Nick Szabo first proposed bit gold, in October 2008, Bitcoin’s white paper was published. Coincidence? Maybe. But the community has long noticed a remarkable similarity between Szabo’s ideas and Bitcoin’s architecture. The arguments in favor of Nick Szabo being Satoshi Nakamoto seem convincing.

First, the obvious technical expertise. Szabo has all the necessary skills to create Bitcoin. Second, his writing style. Some analysts have noted an astonishing similarity in the expression between Szabo’s texts and the white paper. Both authors also referenced economist Karl Menger. Third, both are known for their concern for privacy.

There’s also another curious point: Nick Szabo constantly denies being Satoshi Nakamoto. And this sets him apart from other candidates. History teaches us that those who openly claim to be Satoshi are almost certainly not. Szabo’s denial appears more authentic.

Prediction markets rate Szabo’s chances in double digits, while all other candidates remain in single digits. Len Sassaman was once the leading candidate, but Nick Szabo has gradually moved into the top position. The Satoshi mystery seems likely to occupy the minds of the crypto community for a long time.