BSV Goes Parabolic as CoinGeek Conference Starts

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Bitcoin Cash SV, the Bitcoin Cash fork that was delisted from major exchanges such as Binance and Kraken last month, has seen a monumental surge after a series of announcements, both genuine and fake, causing buyers to rekindle faith in the project. This buying action coincided with one BSV co-founder Calvin Ayre appearing on Bloomberg to claim that BSV will eventually subsume all other Bitcoin variations, and the other, Craig Wright, telling the conference that “30% of binance money funds women in prostitution.”

BSV’s Mega Surge

Having largely flatlined throughout April and May, BSV suddenly surged from $62 to $139 on May 21 following Craig Wright’s attempt to claim copyright over the Bitcoin whitepaper, which fooled some into thinking this meant he was Bitcoin’s anonymous creator, Satoshi Nakamoto. The price fell back to $90 in the days following this, but began to spike up again Sunday and has kept going, reaching $250 by Thursday morning. The fact that the coin is pumping at the exact same time as the CoinGeek conference, the mining company of which Ayre is founder, is no coincidence. Indeed, it didn’t take long for some shady dealings involving BSV’s price hike to come to light:

The news was indeed fake, but it did the job, pushing the token price higher, helped by the fact that the volume is thinner due to the mass delistings, meaning it takes less buying power to push the price up.

Founders Stir the Pot

Wednesday saw Ayre take to Bloomberg to offer his completely unbiased view on the future of Bitcoin, stating that, “If BSV continues to follow its scaling roadmap there’s just no need for any of the rest, so I think they will be absorbed into BSV.” The interview elicited a mostly negative reaction on Twitter, with many attacking Bloomberg as much as Ayre himself:

Wright then went one better, telling the conference during a talk Thursday about how Bitcoin was currently funding illegal enterprises, which he then somehow applied to other entities:

Right now, thirty percent of Binance money funds women in prostitution. Thirty percent of Binance and Tether funds women in slavery.

Wright offered no further explanation or evidence for this incendiary statement, which will surely bring a reaction from those involved in the two enterprises.

BSV Playing with Fire

BSV tailed off and eventually dipped along with the rest of the market late Thursday, and whether it can find its way back up to these highs anytime soon is debatable, unless Wright and Ayre can generate some more fake news to incite more buying. Clearly they don’t care about their reputation within the community, but no project can thrive when it creates so much negativity, regardless of its qualities – any coin that can only pump on intentionally planted misinformation, inflammatory statements, and inherent animosity towards all other projects can only survive for so long.