While Bitcoin Price Continues to Decline, Somebody Forgot to Tell Bitcoin SV and Craig Wright
The past month saw Bitcoin prices rise steadily peaking just below the $9,000 mark which investors and the crypto community excited. This was then followed by a downward trend this past week with Bitcoin dropping over 18 percent to below the $7,500 mark. But in all the chaos, Bitcoin SV (BSV) has managed to avoid the bloodshed.
Bitcoin SV, on the other hand, experienced a rise in value. Its trend is different from other cryptocurrencies in that it is gaining while others are losing save for Tron.
The Self-Proclaimed Satoshi
In the second quarter of 2019, Craig Wright came out as the self-proclaimed Satoshi Nakamoto, the inventor famous for developing Bitcoin. Having come into the limelight, Craig Wright is vocal on his belief about cryptocurrencies. He recently stated that the price of Bitcoin would eventually plummet to zero as a result of Bitcoin steering away from its vision.
According to Craig Wright, Bitcoin is now the avenue through which illegal activities are supported globally. He states that drugs, terrorism, and other unlawful activities are all being made possible by the existence of an unregulated Bitcoin.
Now, as reported by CCN, Craig Wright claims that he invented Bitcoin to work within specific rules and regulations that he sees Bitcoin does not follow. He is currently the face and leading proponent of Bitcoin Satoshi Vision (BSV) which he claims is the “true Bitcoin.”
BSV Continues Rise, While Bitcoin’s Fall Steepens
While other cryptocurrencies are going down, BSV is rising. It recently crossed the $200 mark and, at the time of writing, it currently sits at $225, almost double its s value compared to Dec 2018.
The reason behind the rise is still unclear; however, it may be the influence of Craig Wright on a section of the market.
The blockchain community is probably divided at this point with one camp believing that Craig Wright is indeed Satoshi Nakamoto while another camp calls it a complete scam. Considering it a fraud, it may even be that the price of Bitcoin is decreasing as a result of Craig Wright selling his Bitcoin to influence the price of BTC negatively. These may very well be the sentiments of Vitalik Buterin.
Vitalik Buterin Calls BSV a ‘Sham’
In an interview with Hardcore Crypto hosted on YouTube, Vitalik Buterin commented on a host of issues including BSV. Vitalik Buterin does not believe that Craig Wright is Satoshi Nakamoto and is convinced that BSV is a total sham.
In his interview, Vitalik Buterin leaves very little to interpretation as he confidently calls out BSV as a sham. Considering the way Satoshi’s identity was revealed and the resulting rise in the price of BSV, it may be necessary to fact check Craig Wright’s claims.
Craig Wright’s claims answer a few questions; however, it also leaves room for a lot of unanswered questions and speculations. For example, why did he decide to unveil himself in 2019? Why wait? Why not endorse Bitcoin, which is tried, tested, and proven? Why not introduce the desired regulations on Bitcoin operations? These are just some of the questions that may be on the mind of realists.
He told Hardcore Crypto:
“Obviously BSV is a complete scam, but the delisting from Binance – that was interesting. There’s arguments in favour of it, but then there’s also an argument that this is a centralized exchange that’s wielding a lot of power.”
Craig Wright may or may not be Satoshi Nakamoto. The timing of his unveiling and the subsequent endorsement of BSV is also questionable; however, there are no clearly defined ways of determining the real Satoshi Nakamoto which leaves the crypto community in a conundrum.