Bitcoin SV (BSV) plunged 13 percent on the last day after a UK court ruled that anonymous Bitcoin creator Satoshi Nakamoto did not write the cryptocurrency's white paper, Craig Wright. Coupled with the broader downturn in the cryptocurrency market, it's been a rough week for the Bitcoin variety.
Also known as Bitcoin Satoshi's Vision, BSV was trading around $113 when the court case between Wright and the Crypto Patent Alliance (COPA) ended on Thursday.
BSV saw its biggest drop in months after UK judge James Mellor Wright ruled that Satoshi Nakamoto was not the fake Bitcoin creator. Following the decision, BSV fell below $89 as of press time, representing a 22 percent drop since the decision was announced.
In the year Launched in November 2018, Bitcoin SV aims to follow Satoshi Nakamoto's original vision for Bitcoin as a peer-to-peer electronic money system. It originated from a hard fork of Bitcoin Cash (BCH) known as “The Hashwar”, itself a hard fork of Bitcoin (BTC) due to a dispute over block sizes and scalability.
While BSV's price drop may shock or excite few, BSV was only trading at the same level in December, so the drop could be a correction after recent gains. The juxtaposition of the court's decision certainly suggests a factor was at play.
“I'm disappointed with the result, but this was always the risk of taking the fight into the hands of the courts,” wrote Kurt Wuckert Jr., founder of Gorilla Pool and advocate of Bitcoin SV. “Of course, I'm also sad that the Silicon Valley Patent Alliance now has the foundation to do what we all know patent alliances do better with Bitcoin, but this Bitcoin may start later.”
“We respect the High Court's judgment against Dr Craig Wright,” the BSV Association said on Thursday. “We respect Dr. Wright's past contributions as a leading expert on blockchain technology. Despite the verdict, our focus has not changed – enterprise-level evolution.” [BSV Blockchain]He said.
Edited by Ryan Ozawa.
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