As of writing this article, the price of Bitcoin SV (BSV) is at around $35.
“It is all because of the crypto cartel!” right?
I used to say that, but nowadays, I am tired of hearing how all the evil digital currency exchanges manipulate the price of BSV down. Maybe they do, but to assume that is a problem. Let me explain:
What happened with BSV?
Take a close look at the period from the end of 2018 until April/May 2021. That was the time when many thought BSV would “win in crypto,” as in taking the place of BTC. What is the place of BTC, though? A digital vehicle for speculation—nothing more and nothing less.
BSV is going somewhere else.
The next phase after April/May 2021 until now in May 2023 is where BSV proponents assume “clear” price manipulation. However, this is precisely when the BSV blockchain started to distance itself from the so-called “cryptocurrencies” and “crypto as a market.” It could be that this means we are seeing a true price for utility here and not a stupid “crypto” price anymore.
The problem with yelling ‘price manipulation!’
If you assume there has been price manipulation since at least April/May 2021, you basically paint a best-case scenario. It means that “BSV should be higher,” and it “really would be, if not for price manipulation.” Personally, I would not want to bet on that.
Rather assume the current price is not manipulated, which means an almost worst-case scenario has already happened. Try it for yourself: “The current BSV price is correct.”
This may feel weird to passionate BSVers. However, be honest with how many BSVs you need to enter and participate in the BSV blockchain ecosystem. For example, if you want to use HandCash for a BSV app, or you spend time on Twetch or RelayX, some small amount of satoshis are sufficient.
I think that is a good tweet.
Taking this to BSV – current price ca. 45 USD.
45 USD has a lot of utilitity. 1 BSV more utility than 45 USD? Not sure. Maybe. Probably. Dont know.
But 1 USD or 1 BSV?
EasySo that is interesting
Utility as a bottom— Michael Wehrmann (@MichaelWehrmann) January 29, 2023
Source: CoinGeek authors Gavin Lucas and Michael Wehrmann on Twitter
Assuming the current price reflects real BSV users and use cases
Of course, if enough people use BSV, even for tiny amounts, that adds up and could put pressure on the price of BSV—upwards pressure. We are not there yet, though. Bitcoin SV is growing, and each new user probably means at least another 100,000,000 satoshis have left the open market for a while.
In other words:
– If you buy 1 or 2 BSV, you have entered an informational economy.
– If you buy 50 or 100 BSV, you have entered the speculation market.
Both is fine, by the way, but understand what you are doing. I refuse to point the fingers at the crypto cartel for the current BSV price – if we had 50 million active BSV users daily, and the price remains at the level of $35, I would go back to blaming sophisticated price manipulation.
Wake me up when 50 million BSV users want 1 BSV each, and the price is still $35
Always think of utility and users when it comes to the price of BSV. Everything else is a distraction, even if the price of BSV really is manipulated. Bitcoin inventor Dr. Craig Wright rarely comments on the price of BSV. However, in February 2023, he tweeted the following when the BSV price was around $43:
Right now they are underpriced.
Buy some.
— Dr Craig S Wright (@Dr_CSWright) February 20, 2023
Furthermore, Bitcoin entrepreneur Jack C. Liu has warned that a mysterious Hyperbitcoinization could happen rapidly, leaving most people behind when it comes to timing the purchase of BSV.
Yes, Liu was referring to the original Bitcoin SV, as only BSV can deliver the blockchain scalability for a world running on Bitcoin:
Watch: Market Makers and Price of BSV
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