Bitcoin’s Pain, Craig Wright’s Gain: BSV Defies Crypto Bloodbath
By CCN: Is self-proclaimed “bitcoin inventor” Craig Wright crazy? Or is he crazy like a fox? While the bitcoin price is plunging this week, Bitcoin Satoshi Vision — the cryptocurrency championed by Wright — has notched record highs.
BSV Climbs While BTC Sinks
It’s unclear what’s driving this rally, but BSV has gradually been rising for the past year. Its value now tops $225. For reference, BSV traded at just $70 in December 2018. That’s a three-fold price spike in six months.
Meanwhile, bitcoin (BTC) hovers at $7,600 after briefly touching a year-to-date high above $9,000. That’s still well below the lofty prices BTC cleared at the height of the 2017 crypto bull market, when it approached $20,000.
Wright: Bitcoin Price Will Crater to Zero
As of this writing, Bitcoin SV is up almost 3% against the dollar and more than 10% against BTC. While this news might come as a surprise to crypto enthusiasts, Australian entrepreneur Craig Wright is probably wallowing in schadenfreude.
As CCN reported, Wright — the self-proclaimed Satoshi Nakamoto — warned that the bitcoin price would plummet until it eventually craters to zero. Why? Because he claims that BSV is the one, true bitcoin that will supplant all other pretenders, especially BTC.
Specifically, Wright says crypto shills have corrupted bitcoin by perverting it into a vehicle for criminal activity such as money-laundering and terrorism financing. Therefore, he claims, it will soon be driven to extinction.
“I designed Bitcoin to be a system that worked within the rules. Bitcoin needs to act within the rules.”
“If it does not, then the exchanges and systems that allow people to use Bitcoin act to stop it being widely used…and criminalize all of those in the system. You’ll wake up one day, and BTC will be trading at zero.”
Crypto Market Awash in Unholy Bloodbath
Meanwhile, it’s not just bitcoin (BTC) that’s suffering today. Of the top 10 cryptocurrencies by market cap, only Tron is in the green as of this writing.
Tron’s (TRX) price may be being buoyed by news that Tron CEO Justin Sun won the annual eBay charity auction after bidding $4.6 million to have lunch with billionaire investor Warren Buffett. Proceeds go to charity.
Tron CEO Justin Sun Bids $4.6 Million for Lunch With Warren Buffett
Therefore, Justin says he hopes to use his forthcoming lunch with Buffett as an opportunity to promote crypto and blockchain.
While many bitcoiners mocked Justin Sun for his overpriced meal, the gambit has apparently paid off. There are more than 19.8 million news stories trumpeting Sun’s lunch date — including countless articles in mainstream financial publications.
If you break that down, Sun “paid” less than 24 cents per story spotlighting who he is and what his company Tron does. So who’s the dummy?
About The Author
Samantha Chang is a financial editor who writes about cryptocurrencies and business at CCN and about politics at BizPac Review. She is a law school graduate and an alum of the University of Pennsylvania who enjoys finance, flowers, and fitness. Email her at [email protected] or follow her on Twitter at Samantha_Chang.
This article was edited by Josiah Wilmoth.