Bitcoin SV (BSV) maintains gains
January 13, 2020
Bitcoin SV (or Bitcoin Satoshi’s Vision) +45% gain
One of the most controversial hard-forks of Bitcoin (BTC) has been Bitcoin SV. Bitcoin SV, known as Bitcoin Satoshi’s Vision, is controversial for one reason: Craig Wright. Craig Wright, an Australian computer scientist, is one of the most- if not the most – controversial figure in the cryptocurrency community. He has claimed to be the inventor of Bitcoin and that he Satoshi Nakamoto – a claim that is disputed by many. Another significant and now legal dispute involves a now-deceased computer forensic expert, David Kleiman. Kleiman, according to Wright, was another member of the team responsible for the invention of Bitcoin. The brother of David Kleiman sued Wright over fears that Wright had access too and was able to seize David Kleiman’s Bitcoin holdings. The Florida Magistrate judge ultimately recommended that David Kleiman’s estate be awarded 50% (an estimated 500,000 Bitcoin) of the Bitcoin Wright held before December 31st, 2013 and 50% of the intellectual property that Wright has owned since that same date.
Whether Mr. Wright is right (no pun intended) or wrong remains to be determined. One of the original forks of Bitcoin, Bitcoin Cash, was generated as the result of a ‘civil war’ of sorts regarding the scalability and implementation of certain upgrades to the block size of the Bitcoin network. In a nutshell, the Bitcoin ‘team’ argued that the mining should be kept small to maintain adherence to the central issue of decentralization – Bitcoin Cash allows for the network to be controlled by a few single large entities – which has been a significant problem in the past. Bitcoin Satoshi’s Vision hard-forked off Bitcoin Cash and increased the block size limit to 128mb from 32mb. Additionally, Bitcoin Satoshi’s Vision has claimed to fulfill the original intent and vision of Satoshi Nakamoto.
Bitcoin SV has made some significant gains recently as well as in the past. On Friday, January 10th, 2020, BSV made a huge +46.82% gain. Why? Again, this is related to the legal issues surrounding Craig Wright and his claims of being Satoshi Nakamoto. As reported by newbtc.com, a legal filing to the United States District Court Southern District of Florida included 428 documents. One of the materials refers to a ‘Tulip Trust’ – which holds the purported 1.1 million Bitcoin – a trust Craig Wright has claimed setup by himself and David Kleiman. If this is true, then this would certainly add credence to Wright’s claims of being the (or one of) inventors of Bitcoin. Speculators reason that if this is true and Wright can gain access to the Bitcoin held in the trust, then he will sell Bitcoin to convert into his own Bitcoin SV.
Does this mean Bitcoin will experience a ‘flipping’ of Bitcoin SV replacing Bitcoin? I can only imagine that this kind of swap would occur only if and when Mr. Wright’s claims were about being Satoshi Nakamoto were undeniably true, or at least there is enough corroborating information to support his claims. I remain skeptical, but I am more and more leaning into the camp that he may very well be telling the truth. To date, nothing about the man raises any red flags regarding his past, nor has there been a single strong opponent to his claims. He has the credentials to have created Bitcoin and has, supposedly, access to materials that were created at the time of Bitcoin’s inception. If it does turn out to be true, how high would Bitcoin SV go? To swap value with Bitcoin, it would mean Bitcoin SV would need to gain 4,900% from the present value of 159.98. That means $1,000 of Bitcoin SV today would be worth $50,000 (6.25 BSV @ $8,000 = $50,000).
I am long Bitcoin and Bitcoin SV.