Satoshi Nakamoto, Adam Back or Both? 4/10/26

Fri Apr 10 2026

The Bureau of Labor Statistics’ March CPI data revealed an annual inflation rate of 3.3%. Former Transportation Secretary Pete Buttigieg discusses the pressures on American consumers, including an Iran War-prompted energy price surge and DHS funding. NYT investigative journalist John Carreyrou spent years digging into the real identity of bitcoin creator Satoshi Nakamoto and concluded that it is famed computer scientist, Adam Back. Adam Back, though he’s made notable contributions to the foundations of bitcoin, denies the conclusion. Back makes his case directly–and explains why anonymity might be good for bitcoin. Plus, OpenAI has fired at Anthropic in a new memo to shareholders, Kevin Warsh’s Fed nomination hearing was delayed, and a fake research paper fooled AI models. Pete Buttigieg 15:09 Adam Back 31:29

Transcript

Narrator/Host (0:00)

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Pete Buttigieg (0:30)

Before we had AT&T business wireless coverage,

Adam Back (0:32)

our delivery GPS wasn't the most reliable.

Pete Buttigieg (0:35)

Once our driver had to do a 14 point turn to get back on route. A 14 point turn.

Adam Back (0:41)

An influencer even livestream the whole thing.

Joe Kernan (0:44)

Not good for business.

Pete Buttigieg (0:46)

Now with AT&T business Wireless, routes are

Adam Back (0:48)

updating on the fly and deliveries are on time. And the influencer did get us 53 new followers though.

Andrew Ross Sorkin (0:54)

AT&T business Wireless connecting changes everything.

Adam Back (1:00)

Bring in show music, please.

Narrator/Host (1:05)

This is Squawk Pod and I'm CNBC producer Cameron Costa. On today's episode, the suspected bitcoin creator who denies being Satoshi Nakamoto. Noted computer scientist Adam Back joins us and he makes the case for continued anonymity.

Adam Back (1:22)

I think it's actually quite beneficial for bitcoin that, you know, for whatever reason that you chose to step away in 2011, that there is no identifiable founder. You know, it feels more like a discovery than, you know, an invention or a product.

Narrator/Host (1:37)

And the latest US Inflation data is out. The Iran war has sent energy prices soaring, which has pushed inflation higher. Former Transportation Secretary Pete Buttigieg joins us for a lively conversation about consumer wallets, the Iran war, and much, much more.

Pete Buttigieg (1:56)

Summary

Squawk Pod – Episode Summary

Date: April 10, 2026
Episode: Satoshi Nakamoto, Adam Back or Both?
Host: CNBC (Joe Kernan, Becky Quick, Andrew Ross Sorkin)
Notable Guests: Adam Back (Blockstream CEO, cryptographer), Pete Buttigieg (former Transportation Secretary), John Carreyrou (investigative journalist, via discussion)

Episode Overview

This episode centers on two key topics:

The mystery of Satoshi Nakamoto’s identity: With renewed focus following New York Times reporting that claims Adam Back is likely Bitcoin’s creator, the episode welcomes Back himself for a direct interview and in-depth cross-examination.
Macroeconomic news and political debate: Including rising inflation, the impacts of war in Iran, energy costs, and fiery political exchanges with former Secretary Pete Buttigieg on the causes and responses to surging consumer prices.

Additional segments touch on the intensifying rivalry between leading AI firms, security concerns from new AI models, and the growing risks of AI-generated misinformation.

Key Discussion Points & Insights

1. Financial Markets & Inflation Amid Geopolitical Crisis

Market Resilience Despite Rising Energy Costs
- Stock indices like the S&P 500, NASDAQ, Russell 2000, and Dow Transports all marked gains despite a five-week spike in energy prices. (03:00–05:15)
Mixed Economic Signals
- Hosts debate how markets seem to look past war headlines. Joe Kernan notes, “It was up 300 points all morning… it was troubling because the night before… we had the ceasefire.” (03:10)
- Becky Quick: “The bluster that is coming from all sides seems to belie this underlying… both sides might want to [deal].” (04:06)
- Andrew Ross Sorkin expresses skepticism: “I'm going half empty because ... equity holders are professional optimists and are willing to put on a lot of blinders.” (05:16)

2. Inflation & Politics: A Spirited Debate with Pete Buttigieg

Latest Consumer Price Data (Starting at 15:35)

US inflation hits 3.3% annual rate, energy up 10.9%—highest since April 2024.
Pete Buttigieg’s Critique:
- “Right now, we have the administration actively making prices higher… with tariffs… killing energy transmission projects… and a war nobody wanted.” (16:16)
- “You see inflation tripling from last month... not because the administration tried and failed… but really because they actively increased them.”
Host Pushback:
- Becky Quick pushes back, arguing the administration faced a real security threat with Iran. (17:12)
- Buttigieg insists the war was “a huge fail for the White House because they assured us the nuclear program was obliterated a year ago… the President started this war because he wanted to.” (17:29)
- Joe Kernan counters: “Unless you really think it's okay for Iran to have a nuclear weapon.” (19:12)
- Buttigieg: “They don't have a nuclear weapon. They weren't about to get a nuclear weapon.” (19:19)
- Buttigieg further: “America is weaker because the president launched [the war].” (19:52)
Inflation Accountability:
- Buttigieg: “Why did the president fail to keep his promise to lower prices, in your opinion?” (23:03)
- Andrew Ross Sorkin: “The president did say he wanted… to bring inflation down, and he has not brought inflation down. That's all.” (23:07)
Closing on Approval & Shutdowns:
- Buttigieg argues: “This president has made decisions to make himself better off. If you're the kind of person who can pay a million bucks for the entry fee to Mar a Lago, then you’re doing great. But everybody else is hurting right now.” (25:10)
- Buttigieg laments systemic dysfunction over government shutdowns: “Can we all agree this is no way to run a ball club?... None of this is normal. It's not normal to fail to have a budget or an appropriation before the deadline.” (28:37)

3. AI Rivalry and Risks

OpenAI vs Anthropic & AI System Failures (07:17–12:32)

Executive concerns: Fed and Treasury chiefs warn big banks about Anthropic’s new “Mythos” model, able to “find and exploit vulnerabilities in major operating systems and web browsers when prompted.” (07:12)
OpenAI launches new pro Codex feature—$100/month, 3 million weekly users.
Rising competition and infrastructure scaling highlighted by Becky Quick: “Anthropic CFO called [the Google & Broadcom] agreement a continuation of our disciplined approach to scaling infrastructure.” (08:19)
AI misinformation:
- Researchers invent fake eye disease “Bixoni mania,” upload fake “research,” and watch major LLMs cite it as fact.
- “By the way, the fake research papers thanked the Starfleet Academy and the USS Enterprise, cited funding from the Sideshow Bob Foundation and the University of Fellowship of the Ring, and it stated mid-paper that the entire thing was made up...” – Becky Quick (10:08)

4. The Satoshi Nakamoto Deep Dive

Investigating Identity (Starts 29:33, Main Interview 31:46)

Background: NYT’s John Carreyrou concludes that Adam Back is Satoshi, using analytical telemetry and writing analysis; Back adamantly denies it.
Adam Back: On Anonymity and Denial
- “It's difficult to prove a negative or dissuade people out of something they want to believe.” (33:00)
- “In the early era... there’s chat discussions showing that I’m going through a learning process, for example.” (33:23)
On Evidence and Metadata:
- Adam Back received an email from ‘Satoshi’ in August 2008, shared partial headers privately for legal evidence, but withheld full email metadata publicly, citing privacy norms and practical reasons.
- “If they can assure me that it's all good, then I'm not averse to sharing them because I suspect there's nothing there.” (36:00)
Direct Questions:
- Becky Quick: “Are you either Satoshi or did you help create Satoshi?”
  Adam Back: “No.” (37:07)
- “Did you write the bitcoin white paper? Did you create the blockchain?”
  Adam Back: “No, no. I proposed some early ideas that bitcoin ends up using, but there were gaps in our ideas… Satoshi really solved a few key problems.” (38:33)
- “Is Satoshi one person?”
  Adam Back: “Yeah, I suspect so. Because, you know, it's hard to keep a secret if you have a group of friends.... stylistically I think the code is sort of... done by one person.” (41:06)
The "disappearance" overlap:
- Sorkin: “You disappeared from the forums when Satoshi was visible, then reappeared.”
- Back explains: “I was co-founder of a startup...I just basically [was] very busy with some very fun and interesting things.” (41:55)
Personal Finance Disclosure & Speculation:
- “The absence of this disclosure is in fact a form of proof that it’s not me. Right. Because there are hazards to not filling these things in correctly.” (43:11)
On Founder Anonymity’s Value:
- “I think it’s actually quite beneficial for bitcoin that...there is no identifiable founder. You know, it feels more like a discovery than an invention or a product. Without that, Bitcoin is much more free to be considered like digital gold, a global commodity...” (44:01)

Notable Quotes

Adam Back:
- “It’s difficult to prove a negative or dissuade people out of something they want to believe.” (33:00)
- “If you have a group of friends… the rumor spreads. Somebody gets drunk and says something inadvisable.” (41:06)
- “Stylistically, the code is done by one person.” (41:06)
- “It's actually quite beneficial for bitcoin that...there is no identifiable founder. It feels more like a discovery than an invention.” (44:01)
Becky Quick:
- “Are you either Satoshi or did you help create Satoshi?” (37:07)
- “Did you write the bitcoin white paper?” (38:33)

5. Final Topic: The Quantum Threat to Bitcoin

Joe Kernan: “Do you worry about quantum [computing] and the threat to bitcoin ten years from now?” (45:58)
Adam Back:
- Notes Blockstream’s research into post-quantum security, estimating a 10–20 year risk horizon:
  “The best calculation [quantum computers have] done...is to calculate that 15 is 3 times 5...below the power of a desk calculator today.” (48:14)

Segment Timestamps

Inflation/Markets: 02:39–08:19
AI News/Misinformation: 07:17–12:32
Pete Buttigieg interview (inflation/war): 15:35–29:26
Satoshi Nakamoto/Adam Back Interview: 31:46–48:26
Quantum threat discussion: 45:58–48:14

Conclusion: Episode Takeaways

The episode provided a pointed political debate on inflation's root causes, government response, and accountability—anchored by the volatile international context of war and energy shocks.
The AI segment highlighted explosive growth, security concerns, and the tangible risks of misinformation in today’s large language models, with real-world cautionary tales.
Adam Back’s segment offered exhaustive insights into Bitcoin’s ideological founding, the enduring cultural impact of Satoshi’s anonymity, and the technical nuances that continue to provoke speculation—delivering both clarity and mystery.
Listeners gained a rare, candid look at one of crypto’s foundational personalities, as well as up-to-the-minute coverage of economic and technological power struggles shaping 2026.

For first-time listeners:
This episode delivers a full spectrum: from hard-hitting economic and political crossfire to the enigmatic drama of Bitcoin’s origin—framed by the voices shaping today’s headlines.