Joshua Henslee

Joshua Henslee talks about what’s next after the Kleiman v Wright verdict

YouTube video

It’s been over a week since the jury made its verdict on the trial of the century, but the Bitcoin space is still abuzz with conversations and debates about its impact and what happens next. Bitcoin expert Joshua Henslee believes the verdict was a landslide win for Dr. Craig Wright. In a recent video, he talked about what comes next, how the trial brought the space to a standstill, and why the Satoshi coins will most likely not move any time soon despite the trial victory for Dr. Wright.

The Kleiman v Wright trial was one of a kind, being the highest-valued intellectual property trial in history and the closest we have come to a court verdict on who Satoshi is. As CoinGeek has extensively covered, the jury sided with Dr. Wright on six of the seven questions in the verdict sheet and only answered “no” to one question, which will require him to pay $100 million to W&K Info Defense Research LLC. However, even this could be taken away from them.

“This is a win, there’s no other way to put it,” Henslee noted in his video

The $100 million Dr. Wright was ordered to pay will not be going to Ira, the litigant. Instead, it will go to W&K, a company which Dr. Wright, David Kleiman, and his ex-wife Lynn Wright started together. Craig signed over his stake to Lynn in their divorce settlement, who currently owns 75% of the company. Lynn has already sued Ira for improperly acting on behalf of the company. 

“At most, he [Craig] is maybe paying at most $25 million to the Kleiman estate,” Henslee pointed out.

The jury verdict seemed to take forever to be announced, and many were getting frustrated. While the verdict was a big win for Dr. Wright and the Bitcoin SV space, Henslee believes it has also allowed the Bitcoin space to get back to building applications that can further adoption.

“Now that this [the trial] is over, I think people can now move on, get back to whatever they were doing and build this thing out,” he stated.

To illustrate this, Henslee pointed out that Duro Dogs launched about two hours after the verdict. Duro Dogs is an NFT pet game built on Bitcoin SV where users can get started for free via their HandCash wallet. Once you signup, you’re awarded one unique free virtual dog, randomly generated based on an on-chain serial number.

With the completion of the trial, the number one question for Bitcoiners worldwide is, will the Satoshi coins move?

Some speculate that now that Dr. Wright will have to fork out $100 million as settlement for the trial, he will sell off some of his coins. And then some believe that this is quite unlikely, like lawyer Peter Tragos who told the CoinGeek Weekly Livestream that he believes Satoshi will not turn to this stash.

Henslee belongs to the latter group that believes it’s unlikely Dr. Wright will move the coins. “After thinking about this and talking about it with some other folks in the space, I don’t think it makes any sense for coins to move in any way that the public would know about,” Henslee stated.

Even if Dr. Wright wants to cash out some of the coins, he will not do it in a way that people will notice. Being the biggest token holder, he would likely spook the market if he moved the coins publicly, and most holders would be quick to dump it and lead to a catastrophic price drop. Henslee believes that Dr. Wright will find a way to cash out some of his coins that the market will not be aware of so that he can keep the peace, if he ever wants to.

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.