How High can BitcoinSV Go & What Is Pushing It?
While 2019 has been a harsh year for most cryptocurrencies, 2020 has been shaping up to much better. Many different cryptocurrencies and Bitcoin (BTC) have been surging since the start of the year. One cryptocurrency managed to surge so high that it might be the best performing cryptocurrency of 2020 so far. That cryptocurrency is Bitcoin SV (BSV) which managed to climb 143% in less than 2 weeks. It went from lows of $92 to $224 where it is trading currently. It has also climbed a few rankings on Coinmarketcap.com nudging EOS & Litecoin below it.
Behind the BSV Pump
Bitcoin SV is a controversial cryptocurrency to some. It is headed by Calvin Ayre the founder of CoinGeek and investor in nChain, and Craig Wright, nChain's Chief Scientist and the person who claims to be the individual behind the pseudonym Satoshi Nakamoto.
Many have disputed Wrights claims. The reasoning being that Wright has not moved any of the Bitcoin that is associated with Satoshi Nakamoto nor has he signed a message with the Genesis key.
Craig Wright has previously filed a copyright for Bitcoin's whitepaper in 2019. Following Wright's motion, an individual named Wei Long also filed a copyright on Bitcoin's whitepaper. It is important to note that the Copyright Office does not investigate whether there is a provable connection between the claimant and the pseudonymous authors.
Bitcoin SV & Exchanges
It is also worth note that many popular exchanges delisted BSV in April 2019 following Craig Wright's filing of libel lawsuits. This includes Binance, Kraken, and ShapeShift. Wright has filed claims against some known individuals including Ethereum's Vitalik Buterin, podcaster Peter McCormack, Bitcoin.com Executive Chairman Roger Ver, and Twitter user Hodlonaut.
It appears that this delisting BSV might have actually worked in Bitcoin SV's favor. The increased scarcity and lower number of exchanges could have pushed BSV higher. This combined with the lower amount of liquidity could have been a factor in BSV's massive rally.
BSV's Genesis Hard Fork
The final draft of Bitcoin SV's Genesis Hard Fork was released earlier on January 10th. BSV is anticipated to undergo this network upgrade on the 4th of February 2020. The Genesis Hard Fork will remove the block size upper limit and introduce Pay-to-script-hash (P2SH) for new transactions. Essentially the P2SH transition is technically a major change for BSV.
Cryptocurrency wallet provider for exchanges, BitGo have claimed that this change will render their BSV wallets unusable. Competitors such as Xapo haven't commented on the upgrade.
Craig Wright's Tulip Trust 3
A combination of 428 documents was recently filed by Wright's legal team titled: Tulip Trust III. Along with the Tulip Trust 3 documents, Wright was also granted an extension for waiting for the mysterious "bonded courier". The bonded courier is allegedly going to give Wright full access to Satoshi Nakamoto's stash of Bitcoin. Wright's court extension is limited to February 3rd, 2020.
This is Craig Wright's highest-profile court case besides the libel cases. Ira Kleiman, the brother of his former business partner Dave Kleiman is suing for 50% of the Satoshi Nakamoto's stash of Bitcoin. Dave & Craig Wright allegedly mined together.
Bitcoin SV's Halving
Like Bitcoin and Bitcoin Cash, Bitcoin SV is also anticipated to undergo a halving this year. This means that miners who are mining BSV will receive half the block rewards for mining new blocks. This tends to increase scarcity and usually an increase in price. Bitcoin SV's halving is due to take place in April 2020.
So far, the price increase for BSV was one of the most notable and surprising in cryptocurrencies in 2020. This rally managed to outperform most other major cryptocurrencies. The biggest question at the moment is how far will this rally go and will BSV maintain its price?
Written by Jonathan Ganor
Writer & cryptocurrency aficionado