Bitcoin SV’s price is riding quite a roller coaster to start the year. The cryptocurrency started Wednesday trading at nearly $194 and saw its price rise to as much as $447 before it settled that $388 by the end of the trading day. The increase represents a 100% increase in the price in just 24 hours. At the time of this writing, the price of one Bitcoin SV coin is hanging around $340.
This wild back and forth in the market capitalization of the project has a lot to do with a certain American computer scientist that claims to be the original inventor of Bitcoin and the publisher of the project’s whitepaper, Satoshi Nakamoto. That man is none other than Craig Wright.
What is Bitcoin SV and Who is Craig Wright?
Bitcoin SV simply stands for Bitcoin Satoshi’s Vision. It’s the brainchild of a fork led by Craig Wright. A fork is what happens when a group of computer programmers choose to adopt the coding structure of an existing project while making fundamental changes to that coding structure that makes certain elements of it different from the original. Bitcoin SV is a fork of Bitcoin Cash. The intention behind it is to keep transaction costs low, transaction speed high and the original vision of Bitcoin’s founder in mind.
So who then is Craig Wright? He’s an American computer scientist who claims to be Satoshi, as mentioned above. What’s interesting about Wright is that the majority of influencers in the blockchain industry don’t believe him.
This despite the fact that Wright and fellow crypto enthusiast David Kliemen jointly mind over 1.1 million Bitcoins back when the price was super low. Wright has also repeatedly attempted to prove to people that he is the founder by sharing various public bitcoin addresses from the early days of its blockchain.
Why Wright Is Fighting So Hard to Prove He’s Bitcoin’s Founder
While Bitcoin itself is meant to be an altruistic form of currency free of central authority that preaches pure democracy, naturally intelligent people like Wright who have a lot at stake would fight to hoard their riches, as any businessman would.
At the moment this idea is blowing up in Wright’s face because is partner Klieman died in 2013. Wright tried to keep their 1.1 million shared bitcoins to himself employing various legal tactics in order to do so only to have Klieman’s brother Ira represent the Klieman estate in an attempt to get his brother’s half of the money.
A recent court order is now giving Wright until the beginning of next month to provide the keys to trust accounts holding the Bitcoin. He needs to prove that he’s the owner. The trust is referred to has the Tulip Trust, in honor of the 17th century Tulip Mania craze that took Europe by storm.
So what does this all have to do with Bitcoin SV’s price doubling in recent days?
Bitcoin SV Price: Is it a Pump and Dump?
Many experts believe that Bitcoin SV’s recent price surge has nothing to do with innovation or the fact that it’s coding structure is in any way better than that of Bitcoin Cash or the original Bitcoin. Since Wright himself owns a lot of Bitcoin SV coins and he’s in the middle of a big court battle that could see him part ways with a big chunk of his net worth, many believe he’s doing what he can to jack up the price of his SV coins so you can lessen the blow of any potential losses he might have to live with in the wake of this court case.
How does all of this effect Bitcoin gamblers? Aside from the fact that many crypto investors also possess an affinity for gambling, it’s widely known that Calvin Ayre, the online gambling mogul behind the Bodog empire just happens to be a big supporter of the Bitcoin SV project.
The world of Bitcoin billionaires and gamblers really is a small one isn’t it?
It’ll be interesting to see what happens with Mr. Wright. Will he finally be able to prove to the world that he is Satoshi Nakamoto? Will he finally earn the respect of the blockchain community? Or is this whole Bitcoin SV thing just one big gamble meant to bring down the house and bilk Bitcoin enthusiasts out of their money faster than a roulette wheel?
Only time will tell.