Craig Wright’s New Legal Battle Over Bitcoin’s Vision

Craig Wright, the controversial figure who previously claimed to be Bitcoin’s creator, Satoshi Nakamoto, has launched a new legal battle. Wright is now claiming that Bitcoin developers have strayed from the original vision of Bitcoin, arguing that Bitcoin Satoshi’s Vision (BSV) is the real Bitcoin. He is seeking over $1.18 billion from the defendants for the difference in market valuation between Bitcoin (BTC) and Bitcoin SV.

Wright’s claim centers around the assertion that developers of Bitcoin have altered the protocol in ways that fundamentally deviate from Satoshi Nakamoto’s original blueprint. The lawsuit, filed in the UK High Court, specifically names the Bitcoin Core developers and Square Up Europe Limited, the payment service funded by Jack Dorsey, as defendants.

Wright’s Claim: A Divergence from Satoshi’s Vision

In the lawsuit, Wright argues that Bitcoin’s upgrades, particularly the introduction of SegWit in 2017 and Taproot in 2021, have dramatically altered the nature of Bitcoin. These changes, according to Wright, have confused the market and misled the public into believing that BTC is still the true version of Bitcoin.

SegWit (Segregated Witness) was introduced in 2017 to fix bugs and improve Bitcoin’s efficiency. While Taproot was designed to enhance privacy, data efficiency, and transaction costs. Both upgrades were contentious, leading to hard forks that resulted in the creation of Bitcoin Cash and Bitcoin SV.

Wright maintains that these changes were so significant that calling BTC “Bitcoin” is now misleading. Instead, he claims that Bitcoin SV (Satoshi’s Vision). Which trades at a significantly lower price than BTC, is the rightful heir to the Bitcoin name.

Seeking $1.18 Billion in Damages

When the legal form was filed, Bitcoin (BTC) was trading at $62,000, while Bitcoin SV (BSV) was trading at just $65. Wright is seeking compensation for the difference in market value between the two coins. Totaling $1.18 billion (£911 million). He argues that this represents the “financial impact of misrepresentation” and market losses that have resulted from BTC being recognized as Bitcoin, rather than BSV.

“The real MicroStrategy business is to be the leading issuer of securities in order to acquire Bitcoin, and as we acquire Bitcoin, we’re driving up the scarcity of the Bitcoin,” Saylor concluded.

A Contentious History with Bitcoin

This isn’t the first time Craig Wright has embroiled himself in legal battles over Bitcoin. Wright has long claimed to be Satoshi Nakamoto, a claim that has been widely disputed and met with skepticism. Earlier this year, a UK court ruled that Wright was not the inventor of Bitcoin and was ordered to publicly declare that he is not Satoshi Nakamoto.

In addition, Wright recently faced off against the Crypto Open Patent Alliance (COPA). An organization backed by Jack Dorsey and Bitcoin Core developers. In that case, Wright claimed copyright over the Bitcoin whitepaper. A point of contention that was ultimately dismissed by the courts.

Market Impact and Skepticism

Wright’s lawsuit comes at a time of significant debate over Bitcoin’s future and its ongoing upgrades. While Wright argues that the changes to Bitcoin’s protocol have corrupted its original design. Many in the cryptocurrency space disagree.

Lanny Tuchmayer, lawyer and director of operations at Bergel Magence LLP, told that Wright’s lawsuit reflects a misunderstanding of Bitcoin’s decentralized nature. “Any changes to the protocol are considered through community consensus,” Tuchmayer explained, “while his notion of exclusive intellectual property rights is in complete conflict with the open-source nature of the project itself.”

Given Wright’s past legal failures and the widespread rejection of his claims to be Bitcoin’s creator, many doubt that this lawsuit will succeed. “Considering the previous court decisions and growing skepticism over the legitimacy of his claims,” Tuchmayer added, “I very much doubt he can succeed this time.”

Conclusion

Craig Wright’s latest legal battle seeks to challenge the very foundation of Bitcoin’s evolution. Claiming that Bitcoin SV is the true version of Bitcoin. As Wright continues to fight for recognition of his version of Bitcoin. This lawsuit reflects the ongoing debates within the cryptocurrency community about decentralization, upgrades, and intellectual property. However, with Wright’s track record of legal losses and the community’s support for Bitcoin Core developers. It seems unlikely that this latest challenge will change the market’s perception of what constitutes the “real” Bitcoin.