The current cryptocurrency rally has some fascinating stories behind it. One of the most interesting concerns Bitcoin SV. Is the man behind it really Satoshi Nakamoto? If so, how could this affect the overall market?
What Is Bitcoin SV?
The story of this coin can be traced back to 2017. This was when Bitcoin Cash (BCH) broke away from the original Bitcoin (BTC). The new currency then split into two, with Bitcoin SV being the other.
This split was hugely controversial at the time. Australian Craig Wright and Canadian-Antiguan Calvin Ayre were the main supporters of Bitcoin SV. The name stands for Bitcoin Satoshi’s Vision and it is traded using the BSV code.
At the time of the split, BCH was worth $425.01. BSV had a value of $96.50 but has had mixed fortunes since then. In 2019, it was delisted from some exchanges and its price dropped.
However, Bitcoin SV has enjoyed a resurgence in recent days. At the time of writing, it is worth over $235 and has a market cap of over $4.2 billion. Having started 2020 at under $100, this is an incredible rise.
What Do Satoshi Nakamoto and the Courts Have to Do With It?
To understand this coin’s recent performance, we need to look at Craig Wright’s claim to be the legendary Satoshi Nakamoto. He claims that he invented Bitcoin. The latest reports suggest that he now has documents that prove this.
If true, this could help him to end a long-running legal dispute. He is battling to get control of a massive store of BTC. He wants half of the 1.1 million supply, which is over $9 billion at current rates. The other half belongs to the estate of his late business partner, David Kleiman.
The legal battle took a fresh twist recently. A court in Florida gave him an extra 3 weeks to unlock the Tulip Trust. This is where the original Bitcoin are said to be stored. Wright has until February 3 to get hold of the missing keys.
Judge Beth Bloom mentioned Wright’s “many inconsistencies and misstatements” while doubting that he will ever unlock the trust. Online rumours have been whirling around this situation. The massive price increase seems to have been sparked by the idea that he now has the missing documentation. If this is the case, Wright would have control of a huge percentage of the BTC market.
It seems certain that the Bitcoin SV price will remain extremely volatile. The results of the court case are going to see it either rocket upwards or drop back down. At the moment, a lot of people are waiting to see what happens next.