- Bitcoin SV has grown significantly in value since its launch last year
- Observers say the altcoin may be overvalued
- Craig Wright and the BSV team have been a subject of criticism in recent times
Bitcoin Satoshi Vision (BSV), the altcoin backed by the controversial, self-proclaimed Satoshi Nakamoto, Craig Steven Wright (CSW), has surged by a whopping 300 percent in the last 45 days. However, the latest statistics released by Bitinfocharts on June 23, 2019, has revealed that nearly 100 percent of the entire bitcoin SV volume come from just 100 transactions.
BSV Moons Despite all Odds
Bitcoin Satoshi Vision (BSV), one of the two altcoins birthed from the November 2018 bitcoin cash (BCH) hardfork, has maintained a steady momentum of late, despite all the turbulence that has rocked its creator, Craig Steven Wright.
However, if a tweet by a Twitter user with the moniker @kerooke is anything to go by, the stellar performance of BSV so far may not be entirely fueled by genuine adoption and use cases, as most of the BSV volume have reportedly been generated by just 100 transactions.
86.4% of all Bitcoin SV volume yesterday came from 100 transactions. The BSV network is a total ghost town.
Despite that, network value is now $4.5 billion, up 300% in the last 45 days.
Totally insane. pic.twitter.com/5xS2qvNsJc
— Kevin Rooke (@kerooke) June 23, 2019
In contrast, other established cryptocurrencies such as king bitcoin (BTC), ether (ETH) and litecoin (LTC) derived far lesser percentage volume from their 100 largest transactions.
Notably, @kerooke’s view did not go down well with some observers, as one BSV enthusiast with Twitter handle @nchaint defended the altcoin tweeting:
— nChaint (@nchaint) June 24, 2019
While Satoshi Nakamoto, the Japanese programmer(s) that created bitcoin has paved the way for anyone to create their own crypto, Craig Wright, the owner of BSV has attracted tremendous bad energy to himself due to his baseless claims of being the almighty Satoshi and filing lawsuits against whoever does not agree with him.
Earlier in May 2019, Blockchain Reporter informed that Craig Wright had filed copyright claiming ownership of the Bitcoin whitepaper and early code with the United States copyright office.
Despite making frantic efforts to prove to the cryptocurrency community that he is the real Satoshi, Wright’s moves have only succeeded in fueling the already raging criticisms.
Interestingly, on May 28, 2019, Pascal Boyart, a famous French muralist made a Craig Wright portrait and labeled it “#faketoshi,” the new nickname of CSW.
On June 11, 2019, Blockchain Reporter informed that CSW has been mandated to physically appear in court on June 18, 2019, for allegedly stealing bitcoin (BTC) worth $5 billion from David Kleiman’s estate.
At press time, the price of BSV has declined by 0.78 percent, with a market cap of $4.23 billion, as seen on CoinMarketCap.