As the price of Bitcoin (BTC) drops under the $47,000 mark it has recently broken through, the man claiming to be the inventor of the flagship digital asset and is one of its major whales has revealed what he plans to do with his Bitcoin supply and why.
Craig Wright, who has a supply of around 1.1 million Bitcoin, in a recent interview with Kitco’s David Lin responded to the fears that he would crash the market by selling off most of this supply, which at press time was worth close to $50 billion.
The concerns over what he might do with his large supply stem from the post that the self-proclaimed Satoshi Nakamoto published on Slack in May 2020, in which he said he was planning “to sell a large volume of BTC for USD,” saying that:
“It is expected that the value will drop significantly and will be matched by a 10x leveraged short.”
Many interpreted this post as a threat, especially the part in which he declares his intention to simultaneously launch a 51% attack on the Bitcoin network.
In such a situation, a single person or group takes control of the network, allowing them to block transactions, as well as reverse them.
However, neither the attack nor the sell-off has happened, signaling that Wright may have changed his mind.
Responding to the host’s question about his true intentions concerning his Bitcoin supply, Wright admitted that he does plan on selling it, but in due course:
“If you’re talking about BTC, then yes, I’ll eventually sell it, because it has no utility.”
He explained that BTC would never evolve and that it could only scale. At the same time, he touted his work on the project Bitcoin Satoshi Vision (BSV) “that has value, that is more secure, faster, able to handle everything that Amazon does, and better.”
Wright also had some scathing criticism for the crypto market as well, expressing his opinion that it isn’t even a “market” by definition, but “a number of bucket shop exchanges,” and adding that “none of them are regulated, none of them are legal, even Coinbase.”
The controversial figure also brought into question the very use of the word “crypto”, which he considers a misnomer since “there’s no encryption in Bitcoin,” claiming that:
“When I designed it, it was clear text, it was actually designed not to be crypto”. Mojo Nation, ecash, they were actually cryptographic protocols. Bitcoin is digital cash, so it’s anti-crypto.”
It’s worth mentioning that the Ethereum founder Vitalik Butering accused Wright in June 2021 of lying that he was the anonymous founder of the largest cryptocurrency, comparing him to former U.S. President Donald Trump and daring his lawyers to sue him.
Furthermore, Wright was forced to pay $43 million to a joint venture he co-created, due to being convicted by a federal court of illegally taking intellectual property belonging to the venture.