The Chief Scientist at nChain and the man behind the latest developments at Bitcoin SV [BSV] has suggested that top-cryptocurrencies like Bitcoin [BTC], Bitcoin Cash [BCH] and Ethereum [ETH] are heading for a troubled future.
In a series of tweets, Wright spoke about the safety of the commercial nodes of the aforementioned cryptocurrencies and the legal connotations that surround them and their networks.
His tweet in full read:
“Sorry, BTC, BCH, ETH etc are heading for trouble. All have illegal data and are not run commercially.
Bye bye home user meme”
Craig Wright mentioned that this legal research was conducted by him before Bitcoin was born in 2008, when he completed his Masters of Law research and that his first public presentation mentioning Bitcoin was only in March 2009.
He highlighted the aspect of commercial nodes in contrast to home nodes in the tweets that led to the above conclusion, stating that commercial nodes are covered under the safe harbor provisions, so as long as the organizations engage responsibly.
Wright further highlighted that users who hold or push through any sort of illegal content on the network and is not commercial are the ones in trouble. He mentioned this as it was alleged that an illegal picture depicting child abuse found its way to the Bitcoin SV blockchain. Wright replied to the Hard Fork article that exclusively focused on Bitcoin SV network drawbacks that allowed the image to surface, stating that the same can be true for other blockchains like Bitcoin and Ethereum.
Craig Wright stated:
“The ability to verify transactions using SPV does not require a node.
Users who hold illicit data and are not commercial are the ones in trouble.”
On top of the above developments, Craig Wright has also been pushing for increased application-based usage of Bitcoin SV. Last month, the nChain chief scientist formulated the use of the BSV wallet as a smart card system authenticator. Based on nChain’s patented technology, this application will allow for biometric access while complying with the necessary KYC/AML laws.
He also formulated how Bitcoin SV can be used to enhance peer-to-peer online payments. Whilst keeping privacy at the core of the operations, Wright highlighted how BSV can be accepted by web servers and how fiat currencies and other tokens can be exchanged through this application thereby allowing for a more organized system to Bitcoin SV transfer.
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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