December 3, 2020

Cryptheory

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Huge Growth of Bitcoin SV is Purely Speculative

2 min read
Bitcoin SV

The price of Bitcoin SV increased by more than 80% compared to yesterday, at some point this growth exceeded twice the value of the previous 24 hours. However, the main reason for strengthening SV Bitcoin is not a strong fundamentals, or “carpooling” associated with strengthening Bitcoin. It is all speculation about Craig Wright.

You can monitor the current cryptocurrency prices – here.

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Craig Wright is one of the most controversial figures in the world of cryptocurrencies. An Australian scientist and entrepreneur has been claiming for several years that he is Satoshi Nakamoto, the mysterious creator of Bitcoin. However, he could not substantiate this claim, making the vast majority of Bitcoin fans laugh.


It does not change the fact that a certain part of the community really trusts Wright. And another part is willing to take on speculation that benefits the value of Bitcoin SV, cryptocurrency, which is currently the main player, which was created after the Bitcoin Cash hardfork (before Bitcoin Cash after the Bitcoin hardfork).

The thing is, Bitcoin SV’s growth was supported by fresh speculation that Craig Wright got the keys to Bitcoin worth nearly $ 9 billion (over a million BTC). These keys, or the “safe deposit box” where they were to be placed, were given the name “Tulipan Trust”, which is related to the comparison to the 17th century tulip mania, one of the most well-known economic bubbles in history.

Since Wright himself indicated that he could really get to the Bitcoins that had not moved for years and had been irretrievably lost in the eyes of the BTC community, the price of Bitcoin SV began to skyrocket. However, the growth of the value of this cryptocurrency is still purely speculative and based solely on this information, not on real fundamentals. And most importantly, at this point it should be stressed that Wright’s approach to the BTCs still failed to do so.


The whole growth of Bitcoin SV can only be a kind of “exit scam”, that is to say a huge “FOMO” (in fear of a missed opportunity, inexperienced investors will jump into the market), after which the clever ones will sell dearly and rest lose much.

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