- The Bitcoin SV price records a 90-week high.
- The price spike is attributed to Korean investors.
- Evidence exists of Craig Wright authoring the Bitcoin whitepaper.
Craig Wright, the co-founder of Bitcoin SV, has long claimed to be the creator of Bitcoin, Satoshi Nakamoto. However, a recent lawsuit filed in the UK by the industry group Crypto Open Patent Alliance (COPA) seeks to put the matter to bed once and for all. Yet evidence from the pre-trial hearing appears to drive the narrative that Wright is indeed Satoshi, leading to a BSV price boom in recent days.
Bitcoin SV Soars
The Bitcoin SV price boom began on December 27 as BSV opened the day at $49.88 to surge to a 90-week high of $96.99 in the morning of December 28 (UTC.) This equates to a 94% gain in valuation over the period. However, BSV was unable to hold on to the majority of the gains achieved on December 28, leading to the price dipping back below $87 at the time of writing,
Driving this price pump was a spike in activity, with data from CoinMarketCap showing trading volume had increased by 376% compared to the previous day. X account Wu Blockchain noted that the majority of this volume came from Korea’s largest exchange, Upbit, specifically the BSV/KRW trading pair.
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Although the COPA-Wright pre-trial review occurred several weeks ago, on December 15, the case is currently trending in the Korean media. In conjunction with the BSV/KRW trading volume spike, Korean investors are front-running the ruling in favor of a Wright victory.
The Bitcoin White Paper Evidence
It seems that Korean investors have latched on to a document submitted to the court by Wright, supporting his claim of being Satoshi Nakamoto. During the pre-trial review, Wright entered multiple documents on the record supporting his case, but forensic analysis revealed that many of the documents were “manipulated or unreliable.”
Yet, the document Wright submitted as proof of authoring the Bitcoin white paper appears authentic, according to an expert, who claimed that the white paper’s compilation in document preparation software LaTeX is “practically infeasible” to manipulate.
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“The relevant LaTeX files are unique, such that mere possession of them is evidence of authorship of the White Paper,” claimed the expert.
Despite the myriad of fake documents identified before the watershed trial, this smoking gun Bitcoin white paper file appears to strike a chord with Korean investors as validation of Wright’s legitimacy.
On the Flipside
- Craig Wright is a polarizing figure in crypto, with his detractors accusing him of being a fraud.
- The COPA-Wright trial has reignited debate on which chain is the true Bitcoin in the sense of fulfilling Nakamoto’s concept as a payment system.
- The trial has been postponed until February 5.
Why This Matters
This latest drama underscores the power of narrative in driving crypto prices. While the trial’s outcome remains uncertain, observers view courtroom battles like these as entertainment with little bearing on BTC’s technical roadmap or realization of its underlying vision as an alternative to legacy finance.
Read about Coinbase cutting ties with Bitcoin SV here:
Goodbye Bitcoin SV: Coinbase Dumps Controversial Fork
Find out more on MicroStrategy’s heightened Bitcoin confidence this year here:
MicroStrategy Bitcoin Buying Spree Skyrockets 500% in 2023
