Bitcoin SV’s Ridiculous 100% Rally Has Skeptics Crying ‘Exit Scam’

January 14, 2020 7:42 PM UTC
The Bitcoin SV price went vertical in the last 24 hours as BSV proponent Craig Wright claims he's got the keys to prove he created Bitcoin.
  • The bitcoin SV price went stratospheric Monday and Tuesday.
  • BSV blew past key resistance at $175, reaching escape velocity on its rock blast to a peak above $350.
  • Now ‘Satoshi Vision’ proponents are pumping for a moon shot. Here are three reasons behind the BSV’s moves.

The bitcoin price has soared in January. But its rivals, bitcoin cash and bitcoin SV (‘Satoshi’s Vision’) are making even more dramatic moves so far in 2020.

Of the two hard-forked blockchains, bitcoin SV is the most gravity-defying. According to CoinMarketCap, BSV has nearly doubled in the last 24 hours, gaining over 96% of its price a day ago. Here are three reasons for the remarkable breakout.

Bitcoin SV Price in USD Graph | Source: TradingView

1. “Big News” for Bitcoin SV

The Bitcoinist points to a Jan. 11 promise of “Big BSV news” from one of the cryptocurrency’s most visible proponents, Calvin Ayre.

Source: Source

No word yet on what the news is, but it appears his remark may have got blockchain speculators excited.

2. BSV Overtakes BNB Coin

Binance CEO Changpeng Zhao | Image:
REUTERS/Darrin Zammit Lupi/File Photo

Just before Ayre dropped his mysterious tweet, there already was some big BSV news. The crypto overtook Binance Coin for total market capitalization, to become the eighth-most valuable blockchain in the world. (Today it’s the fifth most capitalized.)

Source: Twitter

This caused quite a stir, especially given the long-running feud between BSV proponent Craig Wright and Binance Founder and CEO Changpeng Zhao. It was no doubt a catalyst for this week’s price moves.

3. Bitcoin SV Founder to Prove He’s Satoshi Nakamoto?

The public is still in the dark about who created bitcoin. The author of the bitcoin whitepaper used a pseudonym, Satoshi Nakamoto.

But Australian computer scientist and leading bitcoin SV proponent Craig Wright has famously (or infamously, depending on your opinion) claimed to be Satoshi.

Recent developments in a lawsuit against Wright are likely the decisive factor in the skyrocketing bitcoin SV price. A U.S. federal judge in Florida ordered Wright to disclose the private keys that would prove his claim.

Wright says he has a “bonded courier” in possession of the keys, who will deliver them this month. Blockchain developer Dragon Industries tweeted screenshots of a chat with Wright claiming, “Next week we file Already arrived,” early Monday morning.

Skeptics Cry Pump and Dump

The bitcoin SV community is euphoric about the price jump. Proponents of the altcoin promise even bigger moves. But skeptics are calling it a pump and dump.

That Dragon Industries tweet, for instance, quipped:

That’s what we needed to get this thing to $200.

And replied to say:

And don’t get me wrong here. This is nothing less than a fabricated scam, a pump ‘n’ dump orchestrated by the people on the helm.

CryptoSlate points to skeptics like the 2,500-plus respondents to a poll agreeing that there’s a bitcoin SV “exit scam” in progress:

Disclaimer: The reports in this article do not represent investment or trading advice from CCN.com.

Sam Bourgi edited this article for CCN.com. If you see a breach of our Code of Ethics or find a factual, spelling, or grammar error, please contact us.

Last modified: July 31, 2020 11:18 AM UTC

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