Two prominent personalities from the Bitcoin Satoshi’s Vision (BTCSV) side of the Bitcoin Cash (BCH) November hard fork are adamant that the digital currency agreed upon by the market as the original Bitcoin (BTC) chain will drop in price. Calvin Ayre and Craig S. Wright are bearish on the crypto asset, saying the price is going to bottom out at zero eventually.
They cited utility as the key reason for the expected crash. The two think that the fact that Bitcoin is working towards scaling with solutions like Lightning instead of raising the block size will hamper its adoption as a payment method.
Wright is perhaps the most controversial individual in crypto. He claimed to be the anonymous Bitcoin protocol inventor, Satoshi Nakamoto, yet failed to provide enough evidence to support the claim.
He holds the “big block” position towards scaling digital currencies. It is unsurprising to see him champion BCH after the hard fork that formed it in August 2017. In fact, Wright’s belief in the premise that BTC needs enormous blocks to function as a means of exchange is so firm that his influence resulted in the BCH chain split in November.
The chains resulting from the hard fork are called Bitcoin ABC and Bitcoin SV. Wright promised to make a hash war against other blockchains after the split, beginning with Bitcoin ABC, which is now broadly referred to as Bitcoin Cash. Since CoinGeek owner Calvin Ayre supported the Satoshi’s Vision side of the fork, Wright said he has the resources to destroy any competing digital currency.
Ayre and Wright have then been vocal BTC opponents. For them, insufficient block space hinders its utility. The most recent outburst from either happened when Wright arrogantly tweeted:
The Australian computer scientist posted almost 30 tweets on that day alone. Most of these focused on the BTC chain’s supposed shortcomings while shilling his Bitcoin SV project.
Wright is not the only one believing that Bitcoin SV will soon reign supreme and BTC will crash to zero. Perhaps the sole recognizable name in the crypto community he hasn’t managed to alienate, gambling magnate Calvin Ayre, agrees with him.
“The hard fork was a distraction but the downturn is because the SegWit coin that’s erroneously still called ‘bitcoin’ now follows the old-fashioned financial trends. It’s also because people wrongly focus on market cap when it should be about scalability and actual usability. Bitcoin SV is a currency, not an asset just to be held, and has real utility,” Ayre previously said.
However, Wright and Ayre seem to forget that it is not for them to determine either digital asset’s future. They can shill whichever they like, but user adoption is what is important. Users can decide whether to use a digital asset to purchase items or as a store of value.
Wright and Ayre’s beliefs on the crypto market are therefore irrelevant. It is the market that will determine the eventual winners and losers.