Bitcoin creator case in Florida: Is Bitcoin SV price affected?

Bitcoin creator case in Florida: Is Bitcoin SV price affected?

The monumental Satoshi case in Florida has sparked a lot of questions, and one question concerning the Kleiman v Wright case in particular has attracted digital asset investors’ attention: Will the outcome of the court case influence the Bitcoin SV price?

CoinGeek’s Joshua Henslee caught up with entrepreneur Ari Kuqi to discuss the court case’s impact in a recent video published on his YouTube channel

YouTube video

Coinbase not listing BSV for ominous reasons?

Henslee mentions the fact that Coinbase (NASDAQ: COIN) has Bitcoin SV delisted to “protect investors,” but at the same time lists an uncountable amount of digital assets that clearly do not have investors’ best interest in mind.

“Because you see them listing all these other scams like Solana, EOS, Tether, Shiba Inu, DOGE—they are not trying to protect investors,” Henslee says. So there are other reasons why Coinbase does not have BSV—the original Bitcoin—listed on their platform. 

One of these reasons could be that Dr. Craig Wright and Coinbase are having a legal confrontation recently: Dr. Wright’s lawyers warned Coinbase, Kraken, and others over misuse of Bitcoin.

Furthermore, Coinbase knows the risk of Satoshi Nakamoto being revealed or moving his bitcoins, as Business Insider reported

Henslee and Kuqi discuss Satoshi coins being moved via court order

Kuqi and Henslee touch on the subject of whether the outcome of the court case will have the famous Satoshi coins moved on the blockchain

“That’s pretty straightforward: if you have a court order in your hand, you can re-assign coins to a certain address and miners have to comply (…) If there is a court order saying those coins have to move, those coins will move,” Kuqi says. 

Why is that important? It is pretty clear that Dr. Craig Wright is Satoshi Nakamoto, the inventor of Bitcoin. 

However, it is unclear whether Dr. Wright has access to the Satoshi Nakamoto coins. If he has access, he can move them. Suppose he does not have access, but owns these coins (directly or indirectly via ownership structures such as trusts). In that case, a court order acknowledging property rights can be used to move coins without direct access via private keys. 

Dr. Wright recently confirmed at the CoinGeek conference New York that the coins will definitely move:

“When I go to court in Florida, it is basically game over for everyone who thinks Bitcoin can’t be seized. I have made sure of that. And it is going to happen. No one is moving a coin via key, but I guarantee they are being moved,” Dr. Wright said.

How does all of this affect the BSV price, though?

Well, we don’t know that. Same for Henslee and Kuqi. 

However, Henslee and Kuqi discuss the subjects that actually may move the Bitcoin SV price in ways that the rest of the digital asset market does not and, for a lack of information, cannot foresee at all.

With BSV in the digital asset market, we are experiencing an extreme information asymmetrical scenario. Most investors who bought BTC, Ethereum, and other coins literally do not even know that Bitcoin SV exists—not to mention the fact that BSV is the original Bitcoin, not BTC that is illegally passing off as Bitcoin

Most digital asset investors cannot even buy BSV easily at the moment. Let that sink in. 

We could face a situation where—due to the outcomes of the court case—Dr. Wright is widely acknowledged as Satoshi Nakamoto, gets all or part of his old coins moved, and the digital asset market panic buys into Bitcoin SV, dumping their BTC and other nonsense coins in exchange for BSV.

Henslee and Kuqi rightly say that coins will most likely move no matter who wins the Kleiman v Wright case. 

“Do you think the price (of BSV) could go up, whatever comes out of this court case?” Henslee asks Kuqi. Watch the video to hear Kuqi’s answer to that.

Head over to Joshua Henslee’s YouTube channel for more videos on Bitcoin SV and developing on the BSV Blockchain network.

Check out all of the CoinGeek special reports on the Kleiman v Wright YouTube playlist.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.