The sudden announcement that Dr. Craig Wright has received the copyright for the original Bitcoin whitepaper has already had stunning affects. The market, now starting to recognize that Wright is indeed Satoshi Nakamoto, has responded quickly and Bitcoin SV (BSV) has skyrocketed in price.
According to CoinGecko, BSV more than doubled in price, jumping from $61.80 to $125.41 in the hour after the news was made public. On Bitfinex, it climbed as high as $136 before leveling off, now floating between $112 and $125.
The May 21 revelation that Wright has gained the Copyright, not just for the Bitcoin whitepaper, but the original Bitcoin code as well, helps solidify what he’s been trying to tell everyone for years: he created Bitcoin.
Not only that, but it now gives him more credibility in the public eye when he advocates for the original vision for the digital currency, as a scalable and stable protocol that can grow to be the world’s new money, and provide utility as the world’s new data network. It’s been reborn to do that as BSV.
This jump in price could still be just a fraction of what’s possible. Binance and Kraken no longer offer BSV trading pairs, and users who exclusively use those exchanges who want to get in on this new surge of optimism for the real Bitcoin will need to shift their funds before they can trade for the currency. That may take some time, possibly allowing BSV to see another sudden rise in price once they can get their funds in place.
The sudden increase in price will be a welcome sight for early BSV adopters, but they know this is just a happy side effect of their investment. The real plan for BSV is to continue scaling the blockchain massively, with an increase in block size coming in July, allowing for greater use by businesses and enterprises. Those companies, looking for a block size that is ready for real world, practical uses, have the utility, and stability of BSV as their best and only option for real world applications.
As more court cases get settled in Wright’s favor, and the real decision makers of the world recognize what he’s built in his vision for Bitcoin, expect BSV to continue to soar.
That may happen once again after Wright sits down for a Fireside chat with Bitcoin Association Founding President Jimmy Nguyen. The two will chat at the CoinGeek Toronto scaling conference later this month. It’s a must attend event, as the two are expected to discuss the history of Bitcoin, and many revelations may be made.
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.