As the Bitcoin (BTC) price has dropped below the $47,000 level it recently broke, the man who claims to be the inventor of the flagship digital asset and also one of its biggest whales has revealed what he plans to do with the Bitcoin supply.
Claiming to have a supply of about 1.1 million Bitcoins, Craig Wright, in an interview with Kitco’s David Lin, responded to fears that he would crash the market by selling most of this supply, which is now close to $50 billion.
Concerns over what he can do with his massive supply stem from a post that the self-proclaimed Satoshi Nakamoto posted on Slack in May 2020, saying he plans to “sell large amounts of BTC for USD.”
Many interpreted this post as a threat, especially the part where he declared his intention to launch a simultaneous 51% attack on the Bitcoin network. In such a case, a single person or group takes control of the network and has permission to block transactions. However, neither the attack nor the sale took place, suggesting that Wright may have changed his mind.
Bitcoin sale may still be coming
Responding to Lin’s question about his true intentions with the Bitcoin supply, Wright admitted that he plans to sell, but when the time comes:
“If you are talking about BTC, yes, I will eventually sell it because it is useless.”
He explained that BTC will never evolve and can only scale. He also promoted his work on the Bitcoin Satoshi Vision (BSV) project, which “has value, is safer, faster, can handle anything Amazon does, and is better.”
Wright also made some harsh criticisms of the crypto market, expressing the idea that it is not even a “market” by definition, but “several bucket shop exchanges”. Moreover, he questioned the use of the word “crypto”, which he saw as a misnomer because “Bitcoin has no encryption”:
“When I designed it it was clear text, it was actually designed not to be crypto”. […] Bitcoin is digital cash, so it is anti-crypto.”
Ethereum founder calls Craig Wright a scammer
It’s worth noting that Ethereum founder Vitalik Buterin compared Wright to former US President Donald Trump for lying in June 2021 that he was the anonymous founder of the largest cryptocurrency.
In addition, Wright had to pay $43 million in damages for illegally obtaining intellectual property belonging to a venture he was previously a partner in.