Bitcoin SV (BSV) fell a day earlier after a British court ruled that Craig Wright is not Bitcoin founder Satoshi Nakamoto and did not write the white paper for the major cryptocurrency. It plummeted by 13%. Coupled with the broader downturn in the cryptocurrency market, it has been a tough week for Bitcoin variants.
BSV, also known as Bitcoin Satoshi’s Vision, was trading at around $113 on Thursday when the lawsuit between Wright and the Crypto Patent Alliance (COPA) concluded.
BSV suffered its biggest fall in months after British judge James Mellor ruled that Wright was not the pseudonymous Bitcoin inventor Satoshi Nakamoto. Following the ruling, BSV is below $89 at the time of writing, down 22% since the ruling was announced.
Launched in November 2018, Bitcoin SV aims to follow Satoshi Nakamoto’s original vision for Bitcoin as a peer-to-peer electronic cash system. This came about as a result of the hard fork from Bitcoin Cash (BCH), known colloquially as “Hashwar”, which itself was a hard fork from Bitcoin (BTC) over disputes over block size and scalability. It’s a hard fork.
While BSV’s price jump may shock and please some, this decline is a recent rally as BSV has only been trading at similar levels since the beginning of December. It may be a later adjustment. But the timing of the sharp decline to coincide with the court ruling certainly suggests it was a factor.
“We are disappointed in the outcome, but there was always a risk of taking the fight to court,” said Gorilla Pool founder and Bitcoin SV advocate. Kurt Wuckert Jr. I have written. “Of course, I also lament that the Silicon Valley patent partnership became a stepping stone for Bitcoin to do what we all know patent partnerships do best, but that is not the case with Bitcoin. We could start a fight.”
“We respect the High Court’s decision regarding Dr. Craig Wright.” BSV Association he said Thursday. “We highly value the contributions Dr. Wright has made to date as a leading authority on blockchain technology.Despite the ruling, our focus remains: [BSV Blockchain]”
Edited by Ryan Ozawa.
