Bitcoin SV (BSV) plunged 13% in its final day after a British court ruled that Craig Wright is not pseudonymous Bitcoin founder Satoshi Nakamoto and did not write the main cryptocurrency’s white paper. I did. It’s been a tough week for Bitcoin variants, with a widespread downturn in the cryptocurrency market.
BSV, also known as Bitcoin Satoshi’s Vision, was trading around $113 on Thursday as the court case between Wright and the Crypto Patent Alliance (COPA) concluded.
BSV suffered its biggest decline in months after British judge James Mellor ruled that Wright was not pseudonymous Bitcoin inventor Satoshi Nakamoto. Following the ruling, BSV fell below $89 at the time of this writing, down 22% since the decision was announced.
Bitcoin SV, launched in November 2018, aims to follow Satoshi Nakamoto’s original vision for Bitcoin as a peer-to-peer electronic cash system. This was caused by a hard fork in Bitcoin Cash (BCH), colloquially known as “The Hashwar,” over disputes over block size and scalability.
BSV’s price plunge may shock or please some, but the decline may have been a correction after recent gains, as December was the only time BSV traded at similar levels. But the timing of the crash, along with the court ruling, certainly suggests that played a factor.
Gorilla Pool founder and Bitcoin SV advocate Kurt Wuckert Jr wrote, “While I was disappointed with the outcome, it always ran the risk of leaving the fight in the hands of the courts.” “Of course, we also lament the fact that the Silicon Valley Patent Alliance has now set the stage for Bitcoin to do what we all know the Patent Alliance does best: Bitcoin. But this will be a fight that Bitcoin can start later on.”
“We respect the High Court’s decision regarding Dr. Craig Wright,” the BSV Association said on Thursday. “We value Dr. Wright’s previous contributions as a leading expert in blockchain technology. Despite the ruling, our focus remains unchanged. “This is the enterprise-level evolution of (BSV blockchain).”
Edited by Ryan Ozawa.
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