Hand holding Bitcoin with digital chart in the background

Old BTC and BCH move while Bitcoin SV remains untouched

On October 11, 2020, a total of 1,000 BTC were transacted from addresses that have received these coins back in 2010

Source: Blockchair

Feel free to browse through the transactional data yourself. Surprisingly, the associated BCH were on the move, too. However, the entity behind these transactions did not touch their Bitcoin SV (BSV).

Transactional data
Source: Blockchair

When old coins move like this—especially taking into consideration that the associated Bitcoin BSV stayed untouched—digital asset enthusiasts are open to rumours concerning who is behind these transactions and what the implications are.

Is Dr. Craig Wright moving old coins? Sometimes we get clarity like back in May 2020, sometimes we do not.

Whoever it is, keeping Bitcoin SV seems to be a smart play

BTC already has been debunked multiple times as not being “digital gold”  or a “store of value,” but rather a purely speculative vehicle. This is a far cry from how Bitcoin should be used—to put value on data. BCH has massively fallen into virtual irrelevance and has been brutally dominated by Bitcoin BSV for many reasons.

Why would an entity that holds these digital assets from back in 2010 speculate on a further price rise? BTC already trades at a very high valuation without having any utility. Moving these assets now to probably take a profit is a smart move, as there are no fundamental driver or use case that is promising an even higher BTC price in the future.

Keeping the Bitcoin BSV is a wise decision though. One only has to pay attention to the transactional volume Bitcoin SV produces on a monthly basis by different BSV dedicated apps and services to know where this is heading in the near future:

Top 25 apps
Source: bitcoinblockslive.com

The Bitcoin SV driven social media platform Twetch is responsible for almost 70,000 transactions in just 30 days alone. Peergame, a Bitcoin SV based gambling website, generated a staggering 226,000 transactions in only a month.

This is just the beginning. Remember, at CoinGeek London 2020, EHR Data Inc.’s representatives announced they will use Bitcoin SV to safely process health data in the near future. Concerning the theoretical transactional volume that EHR Data’s project could create on BSV, it has been forecasted:

“That’s going to generate 16 billion to 32 billion Bitcoin SV transactions. So when you look at those numbers, right, it’s an amazing rate, we’re talking 5-6 thousands transactions per second, right? So it’s huge, and that’s why we went with Bitcoin SV.”

At CoinGeek Live 2020, EHR Data laid out their plans even further. Nothing of this kind is happening on BTC, as BTC’s sole purpose seems to be “holdling” the coin without ever utilizing it.

YouTube video

What about Dr. Craig Wright though?

Whoever did move those BTC and BCH while keeping the Bitcoin SV (BSV) is in good company with Dr. Craig Wright. On many occasions, Dr. Craig Wright mentioned the fact that he will have his BTC moved and used at some point.

There are several rumours and theories on how this will play out—will it happen as a sudden market dump? Will the Satoshi Nakamoto era BTC be sold slow and silent?

Instead of speculating on these questions, hear from Dr. Craig Wright himself about this topic.

Recently, Dr. Craig Wright answered what his plans with BTC will be at the bi-annual DotWallet conference DotCamp (00:00:28 in the video):

YouTube video

“When you gonna sell your BTC?”

“Well, when I do. You’ll have to wait and see. Get your popcorn.”

Or this (00:56:06 in the video): “I’m gonna keep my BSV.”

And finally this:

YouTube video

“I have about 8 billion dollars worth of Bitcoin and I’m donating them. Not as a joke. I’m giving them away. I want them to go to education.”

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.