Kevin Pham is best known as a Bitcoin Core (BTC) “maximalist.” He has a long track record of supporting the cryptocurrency and has also been known to attack the fiat world—he was reportedly responsible for forcing Wells Fargo CEO John Stumpf to resign. Pham has realized that his position on BTC may have been misaligned and is now giving his support to the original Bitcoin, Bitcoin SV (BSV). The move comes after he asserts that BTC has been “taken over by socialists.”
In an interview with Crypto Traders Podcast, Pham says that he traveled “down the rabbit hole.” He acknowledges that he was once a die-hard BTC proponent who would go out of his way to attack any other crypto that wasn’t BTC. He quotes a former economics professor, stating, “The empirical definition of government is an entity that has a monopoly on life.” That quote has stuck with him and was one of the catalysts for his decision to throw his support behind BSV.
Pham asserts that BTC fans have begun to live just like obsessed bankers—the opposite of what crypto stands for. On the other hand, the BSV community is open and diverse, not blind to international use cases as is seen in the BTC community.
He also sees that BSV is a real way to conduct payment transactions, as Bitcoin was originally meant to be. BTC enthusiasts are still waiting for the next explosion, sitting on a couple grand of assets while they anticipate the price to shoot up to $60,000 or $100,000 (spoiler alert: it’s not going to happen).
The former BTC supporter also realized that the BTC community has become hypocritical. They support application-specific integrated miners (ASIC), which allow for greater network centralization, yet are opposed to larger block sizes (some BTC developers actually want to make the block size smaller).
Pham also points out that he realized that “Bitcoin is converging with the way the world is.” The original Bitcoin was created to break the status quo of the economic ecosystem. However, if BTC is willing to integrate itself with that existing ecosystem, it is completely erasing everything it was meant to be. Understanding that, it’s no surprise that Pham would come over to BSV, wanting to ensure that Bitcoin is able to live on as it was initially intended.
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