Why The Father Of Bitcoin Is Nowhere To Be Found

In 2008, Satoshi Nakamoto appeared out of the ether to establish the world’s first cryptocurrency. Then he disappeared.

By Rebecca Baldridge 24/05/2021

Nothing fires the imagination like an anonymous hero with a secret identity. It’s been an enduring trope since the Scarlet Pimpernel rescued his first aristocrat from Madame la Guillotine. From Batman to the street artist Banksy, each hero has his own reason for donning the mask of anonymity.

This phenomenon has come to the world of finance in the person of Satoshi Nakamoto, the so-called father of Bitcoin. He appeared out of the ether in 2008 and disappeared just as abruptly three years later, after establishing the world’s first cryptocurrency. On April 23, 2011, he sent a farewell email to a fellow Bitcoin developer. “I’ve moved on to other things,” he wrote, assuring that the future of Bitcoin was “in good hands.” He has not been heard from since.

Today, Bitcoin is valued at more than US$1 trillion, and while Nakamoto’s identity might be simply a matter of speculation for some, it means far more to others: He is said to own over 1 million Bitcoins with a current value hovering somewhere around $60 billion. That’s equivalent to about 5 per cent of the total number of bitcoins currently in circulation.

Should the person—or persons—behind the name Satoshi Nakamoto decide to sell just some of this hoard, the transaction would completely upend the cryptocurrency market. Cryptocurrency trading platform Coinbase, which went public on the Nasdaq on April 14, noted the potential revelation of Nakamoto’s identity (and the movement of that person’s Bitcoin holdings) as a risk factor in its IPO filing with the Securities and Exchange Commission (SEC). Coinbase even went so far as to send a copy of the filing to the last known email address for Nakamoto.

Increasingly, financial services behemoths like BlackRock, JPMorgan and BNY Mellon are offering cryptocurrencies and related services to their customers, adding legitimacy to an asset that Berkshire Hathaway’s Charlie Munger once characterised as “contrary to the interests of civilization.”

Bitcoin came to life when Nakamoto published his famous white paper on a cryptography mailing list describing a digital currency that would allow secure, peer-to-peer transactions without the involvement of any middleman, whether that be the government, financial system or a company. These transactions would be tracked through a blockchain, a ledger like those used by any financial institution, except that this ledger would be distributed across an entire network, with exact duplicates held by all participants and visible to all, secured by cryptographic means. There would never be more than 21 million Bitcoin.

Nakamoto created his cryptocurrency with the goal of wresting control of currency from financial elites and putting it in the hands of the common man. The first Bitcoin transaction occurred when Nakamoto sent 10 Bitcoins to Hal Finney, a well-known developer who had downloaded the Bitcoin software on its release date. The first commercial transaction came in 2010, when a programmer named Laszlo Hanyecz bought himself two Papa John’s pizzas for 10,000 Bitcoin. At Bitcoin’s current price of nearly $60,000, those were some very expensive pizzas.

Bitcoin is open source, meaning its design is public. No one person owns or controls Bitcoin, and anyone can participate. While Satoshi continued to control Bitcoin’s development, users and developers congregated in Bitcoin forums to contribute code and work on the project, which had become a collaborative effort. The users running the Bitcoin software were the ultimate authority.

Many programmers and developers have written code for Bitcoin, but Gavin Andresen was one of the most enthusiastic. He reached out to Nakamoto in 2010 and became the founder’s right-hand man. When Nakamoto withdrew from sight, he left Bitcoin in Andresen’s hands. Today, even Andresen himself has grown more reclusive: He no longer serves as “core maintainer” of Bitcoin’s code; in fact, that role may soon become as decentralized as the cryptocurrency itself.

Throughout the history of Bitcoin, efforts to unveil Nakamoto have continued unabated. Gossips in cryptocurrency forums have engaged in wild speculation: Nakamoto is a member of the Yakuza, part of a cabal of developers, a money-launderer or maybe even a woman.

In 2014, a reporter from Newsweek identified 70-year-old Dorian Nakamoto, a soft-spoken resident of Los Angeles, as Bitcoin’s creator. While his long and distinguished career in engineering was cited as evidence, Nakamoto has vehemently denied any involvement with the cryptocurrency. The day after Dorian Nakamoto released a public statement, Satoshi surfaced in an online forum. He posted “I am not Dorian Nakamoto” before vanishing once again.

Dorian Nakamoto

Dorian Nakamoto, a 70-year-old resident of Los Angeles, vehemently denied a 2014 Newsweek report that he was the founder of Bitcoin. Sakatoshi Nakamoto also released a statement refuting the claim. Nick Ut/Associated Press

Australian Craig Wright claimed to be Nakamoto in 2016, and Bitcoin developer Andresen corroborated the statement, saying he was “98 per cent sure” that Wright was the elusive Satoshi. The cryptocurrency community wasn’t having it, and Wright backed away from the claim.

Suspicion also fell upon Nick Szabo, a secretive crypto expert who contributed significantly to the development of Bitcoin. Linguistic researchers analyzed Szabo’s writing as well as writing from other suspected Satoshis. The linguists claimed that there were definitive similarities between Szabo’s writings and Satoshi Nakamoto’s. The New York Times even went so far as to pin Szabo as the shadowy Nakamoto, but Szabo strenuously denied the claims.

The upshot is that Satoshi Nakamoto remains anonymous, a mythical creature with a Bitcoin stash of epic proportions. He has strong incentives to remain anonymous. Owning a $60 billion fortune makes personal security a compelling concern. Given Bitcoin’s potential to challenge sovereign fiat currencies, Nakomoto could fear potential legal actions by governments—if not other forms of government sanction.

Unquestionably, efforts to uncover the identity of Satoshi Nakamoto will continue. The threat he poses to the cryptocurrency market is too great and the mystery surrounding his identity is too compelling. In a world where anonymity is increasingly difficult to pursue, Satoshi Nakamoto has succeeded beyond imagination in keeping his secrets.


Rebecca Baldridge, CFA, is an investment professional and financial writer with over 20 years of experience in the financial services industry. She is a founding partner in Quartet Communications, a financial communications and content creation firm.

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Show Stopping Fun

Robb Report Australia and New Zealand teamed up with Sydney Harbour Concours d’Elegance in late February to celebrate a weekend of fine motor cars on Cockatoo Island.

By Robb Report Team 04/03/2025

Robb Report Australia & New Zealand and Citizen Kanebridge, the new private members’ club brought to you by this masthead’s publishers, offers exclusive access to magical experiences and unrivalled networking.

This year’s Sydney Harbour Concours d’Elegance on Cockatoo Island did not disappoint. Our invited guests—including speakers Gerard Doyle, General Manager ASX Refinitiv Charity Foundation; Ant Middleton, the British adventure and TV personality turned hydration-drink disruptor and owner R3SUP; and Lex Pedersen, CEO of automotive investment firm Chrome Temple—enjoyed unlimited access to the three-day event and an elegant sufficiently of Champagne, wine and whisky, as well as an exquisite catered lunch inside the Citizen Kanebridge Private Members’ Lounge. They enhanced their experience by VIP transport to and from the mainland via superyacht.

Courtesy of Sydney Harbour Concours d’Elegance

The British-born event, which also has iterations at Pebble Beach in California and Hampton Court Palace in England, once again teamed up with the world’s most prestigious marques (among them Aston Martin, Bentley, Brabus, Genesis, Lamborghini, McLaren, Rolls-Royce and Porsche), to display their latest supercars alongside the pageant of owner-driven vintage vehicles.

Courtesy of Sydney Harbour Concours d’Elegance

On Sunday, Robb Report’s Editor-in-Chief Horacio Silva treated guests to a special preview of the winners of this our annual Car of the Year awards, showcased in our coming March 2025 issue. Our lips are sealed.

Courtesy of Sydney Harbour Concours d’Elegance

To learn how to become a member of our exclusive new community, visit Citizen Kanebridge.

Thank you to the following sponsors: Whisky and Wealth, Jacob & Co, Wine Selectors, Mulpha, Jackson Teece, Young Henry’s and Resup.

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Patron’s New Ultra-Premium Tequila Is a Reposado Blend That Punches Way Above Its Age

Patron’s latest luxury tequila is a blend of ages.

By Jonah Flicker 13/03/2025

There are certain categories in the tequila world that indicate how long the spirit has been matured, so what happens when you combine a few of them together into one release? Patron is the latest brand to get in on this multiple-maturation blending action with the new high-end El Alto release, a combination of tequilas aged for different lengths of time.

In the whisky world, an age statement represents the minimum age of the liquid that’s in the bottle—in other words, a 10-year-old scotch may have liquid much older than that in the blend, but 10 years represents the minimum age. When it comes to tequila, there are also rules in regards to how it has to be labelled based on maturation, and like whisky that depends on the youngest liquid in the blend. The core of El Alto is an extra anejo tequila (the exact proportion isn’t revealed), meaning it was aged for a minimum of three years. But master distiller David Rodriguez decided to blend some anejo (aged one to three years) and reposado (two months to one year) tequila into the mix as well, making this an expression that is defined as reposado instead of extra anejo even though it has some ultra-aged liquid in the blend.

According to the brand, 11 different types of barrels were used to mature the tequila in El Alto, with the majority being hybrid barrels consisting of American oak bodies and French oak heads—each type of wood is thought to impart different flavours into the spirit. “The tequilas that harmoniously come together in Patron El Alto are a result of selecting the finest 100 percent Weber blue agave in the highest parts of Jalisco, Mexico, a territory known for producing the sweetest agaves,” said Rodriguez in a statement. “We took four years to focus on only the best of the best and perfect the bold, sweet flavors of this expression the right way: naturally.”

This type of multi-aged tequila seems to be part of a growing trend, with a few other brands releasing similar high-end expressions including Cincoro and Volcan de Mi Tierra. Perhaps it’s a way of stretching supplies or a tactic to get consumers to dip their toes (or tongues, preferably) into another luxe tequila, a category that is growing every year.

This month Australians are getting an exclusive taste of the El Alto as this formerly USA-exclusive release is launching here with The Bacardi Group. You can find El Alto in selected hospitality venues and at Barrel & Batch for $298 as these chic spots that represent the “pinnacle of celebrating momentous occasions,” according to the brand.

 

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Neutral, Not Boring: How to Wear This Season’s Most Stylish New Menswear

The soft tones of California’s Joshua Tree provide a perfect backdrop for the season’s refined yet relaxed vibe.

By Naomi Rougeau And Alex Badia 04/03/2025

Amid spring 2025’s myriad trends, there was one connecting element: colour. From Alessandro Sartori’s rusty hues at Zegna to Loro Piana’s subdued neutrals, the palette was more sun-bleached than saturated, and the muted tones of California’s Joshua Tree provide a perfect backdrop for the season’s refined yet relaxed vibe.

Stylists Naomi Rougeau and Alex Badia, teamed up with photographer Brad Torchia to create these casual looks that turn a bold statement into a confident whisper.

Brad Torchia

Berluti leather jacket, $14,067; L.B.M. 1911 merino crewneck, $450; Dolce & Gabbana linen trousers, $1,921; Zenith 37 mm Chronomaster Revival in steel, $13,987.

Photo: Brad Torchia

Umit Benan silk jacket, silk shirt, and linen trousers, all prices upon request; Dolce & Gabbana suede loafers, $1600; Girard-Perregaux 38 mm Laureato Sage Green in steel, $23,954.

Photo: Brad Torchia

Brunello Cucinelli linen shirt, $1500; Loro Piana linen trousers, $908; Zenith 37 mm Chronomaster Revival in steel, $13,987.

Photo: Brad Torchia

Anderson & Sheppard cotton jacket, $4,421; Gabriela Hearst cashmere turtleneck, $1,430; Louis Vuitton cotton jeans, $2n138; Tod’s suede sneakers, $1438.

Photo: Brad Torchia

Canali wool, silk, and linen tweed blazer, $4,011; Thom Sweeney silk shirt, $876; Paul Smith mohair trousers, $908; Church’s patent-leather loafers, $1,768; Parmigiani Fleurier 40 mm Tonda PF Micro-Rotor No Date Golden Siena in steel and platinum, $40,675.

Photo: Brad Torchia

Paul Smith cotton trench, $3528; Ferragamo cashmere sweater, $1,752, and cotton trousers, $4389; Dolce & Gabbana suede loafers, $1599.

Photo: Brad Torchia

Hermès denim shirt, $1,647, and belted cotton chinos, $1,366.

Photo: Brad Torchia

Loro Piana cotton cardigan, $4,381, and linen shirt, $1,768; Todd Snyder linen trousers, $639; Zegna Triple Stitch leather sneakers, $1,768; Morgenthal Frederics sunglasses, $2,564; Berluti silk scarf, $1,221; Parmigiani Fleurier 40 mm Tonda PF Micro-Rotor No Date Golden Siena in steel and platinum, $40,675.

Photo: Brad Torchia

Thom Sweeney cashmere and merino sweater, $956; Brunello Cucinelli linen shorts, $1045; Manolo Blahnik raffia and leather loafers, $1,438.; Leisure Society sunglasses, $1905; Zenith 37 mm Chronomaster Revival in steel, $13,987.

Photo: Brad Torchia

Kiton jean jacket, $6061; Officine Générale cashmere sweater, $932; Brioni wool trousers, $1,768; Ralph Lauren Purple Label leather belt, $562; Morgenthal Frederics sunglasses, $52081; Zenith 37 mm Chronomaster Revival in steel, $13,987

 

 

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This New York Jewellery Gallery Is Offering up a Treasure Trove of Vintage Watches

The Mahnaz Collection’s first formal collection of timepieces will include rare finds with fascinating histories

By Paige Reddinger 04/03/2025

There was a period when Mahnaz Ispahani Bartos found it hard to hold on to a watch. The prominent collector and dealer often would post pictures on social media of the uncommon, sculptural timepieces she purchased for herself. But every time, clients of her eponymous jewellery gallery—New York City’s Mahnaz Collection—would hound her into selling them.

“They found those photographs, and they are just diligent in bothering me,” she says with a laugh, adding that some would simply persist until she changed her mind about letting them go.

In response to that demand, this month her Madison Avenue space will begin offering its first formal collection of unique watches, curated with the same rigor and studious eye Ispahani Bartos has applied to sourcing rare jewellery. (Her specialty is the hard-to-find fare made by artists, designers, goldsmiths, and architects.) One coveted example is a gold-and-diamond pendant watch handmade by the late Italian-born avant-garde designer Andrew Grima, whose work was beloved by the British royal family. This example from his historic collaboration with Omega was made in the 1970s. Lesser known but no less noteworthy is the Spanish designer Augustin Julia-Plana, who created a gold-and-jadeite watch for his brand Schlegel & Plana, also in the ’70s. “He was a great jeweller and watch designer,” says Ispahani Bartos of Julia-Plana, who penned striking and visually creative work for everyone from Chopard to Tiffany. “He specialised in really unusual stones,” she adds, noting that he died far too young at age 41.

An 18-carat gold and jadeite watch designed by Augustin Julia-Plana, circa 1970.
Photographed by Janelle Jones/Styled by Stephanie Yeh

Ispahani Bartos knows something about legacy. Born in Bangladesh—when it was still called East Pakistan—she grew up in a culture steeped in traditions of wearing and appreciating jewellery. She recalls her grandmother giving her earrings made from yellow gold, turquoise, diamonds, and Burmese rubies at age 7. (Too young to wear them, she put them on her dolls’ ears for safekeeping. Both were lost when her family fled the violence of the country’s 1971 revolution; the ship carrying their belongings, she says, was sunk by an enemy carrier.)

When she was a teenager, her mother gifted her one of Omega’s Grima-designed watches, which she still owns. That early introduction to rare design influenced her own collecting journey, which turned into her full-time job when she opened her gallery in 2013.

“I didn’t focus on watches then, but increasingly, where I have an important jewellery collection where the jeweller also made watches, I started to feel like, ‘How can I not have that person’s watches?’ ” she says.
From left: Omega and Andrew Grima Winter Sunset pendant watch in 18-karat yellow gold, smokey quartz, and citrine crystal with Swiss manual-wind movement, circa 1968; Piaget bracelet watch in 18-karat yellow gold and tiger’s eye with Swiss manual-wind movement, circa 1970.
Photographed by Janelle Jones/Styled by Stephanie Yeh

That comprehensive approach befits Ispahani Bartos’s previous career and intellectual curiosity. After earning a Ph.D. in international relations, she served as a foreign- and security-policy expert for an array of global organisations, including the Ford Foundation and the Council on Foreign Relations.

She still employs the deep preparation she once used in the aid of diplomacy, researching every piece that comes into her hands, creating extensive and beautiful catalogs for the collections, and crafting museum-style exhibitions to present them to collectors. And this work, she says, takes ages. She’ll soon debut an Italian collection whose catalog she has been researching and preparing for nearly a decade, and her vault currently houses some Ettore Sottsass–designed watches she has been holding back for the right moment. “We tend to build collections all the time, collections we don’t show for years,” she says. Which means you never know what pieces might be hiding in the Mahnaz Collection—or the yet-to-be-told stories that may accompany them.
At top from far left: Omega De Ville Emerald bracelet watch designed by Andrew Grima in sterling silver with a tropical dial; Patek Philippe Golden Ellipse in 18-karat gold; Jaeger-LeCoultre Mystery watch in 18-carat gold and diamonds; Cazzaniga watch in 18-carat gold, diamonds, and sapphires with movement by Piaget; Gilbert Albert watch in platinum, 18-carat gold, and diamonds with movement by Omega. The pieces, made between the 1950s and ’70s, all have Swiss-made manual-wind movements. 

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Penfolds Saves Best For Last with Show-Stopping Release with Creative Partner NIGO

Penfolds has just dropped their limited-edition 65F by NIGO Cabernet Sauvignon Shiraz, a mouthwatering wine you need to nab now.

By Belinda Aucott-christie 28/02/2025

Though Penfolds holds many wonderful wines in its star-studded suite, their latest collaboration with NIGO is earmarked as a sure-fire collector’s item.

Retailing for $395 a bottle, the Penfolds 65F by NIGO is expected to sit snugly alongside the likes of Grange and Bin 389 as a standout single-vintage wine connoisseurs will vie for in years to come.

This prize wine isn’t just delicious and highly collectible, it looks the part. It features branding by artistic director and creative visionary NIGO, the founder of cult streetwear brands A Bathing Ape and Human Made, a pal of Pharrell Williams and current creative director of French fashion house Kenzo. For the box and packaging NIGO was inspired by the towering 65-foot chimney that prevails over Penfolds South Australian home, Magill Estate.

Penfolds archival material served as NIGO’s inspiration for the inclusions within the gift box and on the wine label. A chalkboard wine tag with coinciding chalk pencil pays homage to the chalk boards used in the original working winery at Penfolds Magill Estate and allows the opportunity for personalisation of the wine if used as a gift. The bottle label features a design which takes inspiration from the pressed bottle labels from the 1930-50s, and the tissue paper wrapping the bottle has been adapted from the Penfolds logo style used in the early 20th century. NIGO’s signature playful design style is emphasised with a chimney smoke wine stopper.

Inside it’s a classic embodiment of the way South Australian winemakers blend cabernet sauvignon with shiraz to stunning effect.

As a result this wine has a mouth-watering palate with plenty of fine grain tannins and silky mouth feel. A nose enriched with spicy nutmeg, cardamom and cassis is layered over blueberry compote and lush fig on a palate. There’s lots of blueberry soufflé, gamey tones and just a hint of fennel seed, with more complexity to come as the years fly by.

All the base wines were sourced from grapes grown in South Australia’s top wine regions of Coonawarra, Barossa Valley, McLaren Vale and Clare Valley. And while the 65F by NIGO Cabernet Sauvignon Shiraz is being released now, it will continue to reward cellaring for years to come.

Penfolds first announced NIGO as its Creative Partner in June 2023, with the global release of One by Penfolds. This was closely followed by the launch of Grange by NIGO (the first takeover of Penfolds flagship red wine) in February 2024, followed by Holiday Designed by NIGO in October 2024.A classic for the ages.

Penfolds 65F by NIGO Cabernet Sauvignon Shiraz 2021 is available globally from Thursday 27 February 2025 (RRP AUD$395.00 for 750ml). Available via Penfolds.com, at select Dan Murphy’s stores nationally and select independent retailers.

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