Warning: SPOILERS ahead for Money Heist.
Money Heist season 5 will be the end of the series, which means that the Bank of Spain heist will be the crew's last - and anything could happen.
Created by Álex Pina, Money Heist was not initially a hit when it aired on TV in Spain, but gained a massive international following after being added to Netflix's library. The streaming service renewed Money Heist as its own original series after the first two seasons, and set up a sequel to the Royal Mint heist in which the crew reassembles to steal 90 tons of gold from the Bank of Spain. To replace the fallen team from seasons 1 and 2, Money Heist season 3 added Berlin's former partner Palermo, welding expert Bogotá, and outside man Marseilles to the mix, along with a few other collaborators.
Originally rejected by the Professor for being too dangerous and unworkable, it didn't take long at all for the Bank of Spain heist to start going wrong. Money Heist season 4 ended with a major victory for the Dalí crew as they successfully smuggled Lisbon out of police custody and into the bank, but their greatest challenge still lies ahead - and it could get everyone killed.
The Bank of Spain Heist Is More Dangerous Than The Royal Mint
The Royal Mint heist created an impressive stand-off between the robbers and the police, but despite being extremely ambitious it was a less dangerous operation than the Bank of Spain robbery. The Professor would argue that the Royal Mint heist wasn't really a robbery at all, since the crew didn't steal any of the existing cash in the building, instead only printing their own. The stakes were raised by the presence of Alison Parker, the daughter of the British Ambassador, among the hostages, but if anything Alison made the operation safer since the police didn't want to do anything to put her life in danger. There were still multiple deaths - Oslo, Moscow, and Berlin - but ultimately the rest of the crew made it out alive and managed to remain undiscovered for several years afterwards.
The Bank of Spain heist is another matter entirely. The crew are no longer an unknown entity, but are considered among the Spanish government's greatest enemies and Interpol's most-wanted criminals. As soon as they made their presence known in Madrid, the army was mobilized against them and ers assembled outside the Bank of Spain, threatening to spark an all-out civil war. Moreover, this time around the crew aren't simply buying time to print off money, but are actively stealing Spain's gold reserves (or, as Palermo would argue, reclaiming them on behalf of the South American countries they were looted from). The loss of those gold reserves would be devastating to the stability of Spain's economy, and the government will stop at absolutely nothing to prevent the crew from leaving the Bank of Spain alive with the gold. Even the hostages may not be enough to protect them this time.
The Money Heist Crew Have Become Public Symbols
From the very start of Money Heist, the Professor has said that it's vitally important for the robbers to keep public on their side. Despite some bad publicity, they've succeeded in doing that and have amassed great by the end of Money Heist season 4. The show's symbolism is so powerful that it's even spilled over to the real world, with protesters around the world donning red jumpsuits and Dalí masks during political protests. Though other characters died during the first heist, Nairobi's death was the first that truly had a sense of martyrdom. After being shot by one of Alicia Sierra's snipers and then subsequently killed by Gandia, her coffin was dramatically carried out of the Bank of Spain in full view of the gathered crowds.
If Money Heist were to shoot for a true bombshell ending, the series could conclude with the rest of the crew being similarly killed off and becoming martyrs in death. It would be somewhat anticlimactic if all the civil unrest that has been stirring over the past four seasons merely fizzled out. Instead, Money Heist could end with Tokyo - who at the start of the series only cared about herself and about robbing for the thrill of it - becoming a figurehead of a revolution on behalf of her fallen friends.
Theory: Tokyo Is The Narrator Because She's The Last One Left
Money Heist began with the words, "My name is Tokyo. But when this story began, that wasn't my name." It was made clear from the start that she was narrating from the end of the story, which allowed the show's voiceover to be littered with ominous warnings of how things would soon go wrong. In season 3 Tokyo's voice returned with the line "My name is Tokyo" and a declaration that "all of this is about to go to hell." Over and over, Money Heist has reiterated two messages: that bad things are going to happen, and that Tokyo will be there at the end to it all.
Casting news and behind-the-scenes photos from Money Heist season 5 have revealed that the episodes will feature flashbacks of Tokyo with her former boyfriend, who was killed during a robbery. It was a traumatic loss for Tokyo that only further hardened her personality, and the fact that Money Heist is finally revisiting her past could mean a thematic link to the present-day storyline. With the end of the heist closing in, Alicia Sierra holding the Professor at her mercy, and Colonel Tamayo more motivated than ever to destroy the Dalí mask crew, it's almost inevitable that Money Heist season 5 will have some more fatalities. Tokyo could once again find herself surviving where others have fallen.
Tokyo has been Money Heist's narrator from the start, and while the show has had episodes focusing on other characters and offered flashbacks into their lives, it ultimately always comes back to Tokyo. Money Heist could end with the reveal that Tokyo has been telling their story - whether in an interview with the police, or a declaration to the public. And it would certainly be in keeping with the show's love of melodrama if Tokyo's story turned out to be a requiem for the fallen robbers.
Would Money Heist Really Kill Everyone Off?
Ending Money Heist with the deaths of the characters that fans have spent five seasons growing to love (or hate) would be a controversial move, and hard to pull off without leaving audiences with a hollow feeling after the credits roll. That said, it wouldn't be the first time that the show has shocked and angered fans. Nairobi became a fan-favorite character thanks to her charisma, competence, and composure. She was a solid and level-headed presence amid the hot tempers, bloated egos and bad decisions of many others in the Money Heist crew. Nonetheless, season 4 saw her being brutally tormented by Gandía before finally being gunned down in cold blood. Clearly Pina isn't afraid of upsetting the audience.
Money Heist season 4 ended with the remaining robbers declaring all-out war "for Nairobi." After a lot of bickering and relationship drama, it seems like the crew are finally on the same page and ready to fight back as a united team. That improves their chances of victory, but also foreshadows more casualties and sacrifices moving forward. And the stakes are high for a lot of the remaining characters; Helsinki has already lost his cousin and his best friend, and Denver and Stockholm have a young son waiting for them on the outside.
One thing is for certain: Tokyo being the narrator of Money Heist is a very effective way of maintaining suspense. It indicates that she survives to the end, but means that we have no idea which other characters will die along the way. And if even a beloved character like Nairobi can be killed off, no one is safe.