Controversial Theory Suggests Bitcoin Was Designed to Undermine the U.S. Dollar

Kyle Bass, the founder of Hayman Capital Management, recently sparked outrage within the Bitcoin community by making a controversial claim that the mysterious creator of Bitcoin, Satoshi Nakamoto, could be a Chinese intelligence operation.

According to Bass, China, a key geopolitical rival of the United States, benefits from Bitcoin’s existence because it weakens the dominance of the U.S. dollar. In his view, the cryptocurrency’s design assists China’s closed capital system while simultaneously undermining the supremacy of the USD on the global stage.

“Think about it,” Bass remarked in response to a Bitcoin advocate. “What functionality helps the communist elite with their closed capital account while concurrently undermining the USD? It’s genius, but it wasn’t created by a Japanese individual,” he said, hinting at his belief that Satoshi Nakamoto is not who the world believes him to be.

These bold accusations quickly drew the ire of the Bitcoin community, with prominent voices calling for evidence to support such extraordinary claims. Tuur Demester, from Adamant Research, responded directly to Bass on social media, arguing that “extraordinary claims require extraordinary evidence.” Many within the community felt that Bass’s statement was not only speculative but also lacked the necessary proof to back up such a sensational theory.

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The identity of Bitcoin’s creator remains one of the most enduring mysteries in the crypto world. Hal Finney, a late computer scientist who was one of the earliest supporters of Bitcoin and received the first-ever Bitcoin transaction, is often considered a leading candidate to be Nakamoto. However, there are significant doubts about his role as the creator, as no definitive proof has emerged. Over the years, numerous conspiracy theories have circulated, some suggesting that Bitcoin was created by the CIA or even other intelligence agencies. Bass’s theory, which ties Bitcoin’s creation to the Chinese government, aligns with such speculative narratives.