- Bitcoin SV (BSV) has slipped out of the top 100, having once been the fifth most valuable cryptocurrency
- BSV’s value has dropped 92.4% since January 2020
- ITs ideological figurehead, Craig Wright, is facing possible criminal prosecution following the recent COPA vs. Wright trial
Bitcoin SV (BSV), the coin touted by its creators as the genuine Bitcoin, has slipped out of the top 100, having once been in fifth place. BSV, the vehicle by which the disgraced Satoshi Nakamoto pretended Craig Wright hoped to displace the entire Bitcoin ecosystem, fell from $44 to $32 in the past week, a drop which saw it leave the top 100 as Wright waits to find out if he will be criminally prosecuted for the fraud he perpetrated on the UK court system in the recent COPA vs. Wright trial.
BSV Price Has Followed Wright’s Legal Defeats
Wright’s Legal BSV was formed in November 2018 following a bitter dispute between Wright and Bitcoin Cash supremo Roger Ver, with Wright claiming that his fork represented the real version of Bitcoin. Backed by Calvin Ayre’s billions, Wright waged a five-year legal campaign to try and get judicial confirmation that he was Satoshi and, therefore, that BSV was the real Bitcoin, but this ended in ignominious fashion in March when Wright spectacularly lost his case against COPA, leading to probable criminal fraud charges when his punishment is handed down.
While Wright was waging his legal battles, BSV was losing ground to Bitcoin. BSV’s launch price of around $200 ensured that it started life in the top 10 by market cap, but even huge spikes in price over the next three years weren’t enough to keep it there.
Four-and-a-half-year Slide
BSV peaked against Bitcoin in January 2020 when the bonded courier Wright said was going to deliver him the private keys to the Satoshi Nakamoto Bitcoin addresses supposedly arrived. However, this turned out to be about as legitimate as his other claims, and the value of BSV has tumbled against Bitcoin ever since::
BSV’s most recent collapse, which started at the turn of the year, has been exacerbated by several delistings, with exchanges unwilling to risk supporting a coin that is now extremely susceptible to 51% attacks and, therefore, manipulation.
The performance of BSV over the last four years mirrors the performance of its ideological leader, who is currently traveling Asia (likely making sure he stays out of countries with UK extradition treaties) as he awaits his fate. Ayre has also stepped back from the project, announcing his decision right after the verdict was handed down in March, meaning that BSV, rather than being Satoshi’s true vision, is instead on a graceless slide into obscurity.
