The development comes as regulators express concern about bitcoin’s finite supply, and gives BSV an advantage in its ongoing competition with BCH – which itself has announced a supply increase to 22 million.
Bitcoin Cash Satoshi Vision – the true Bitcoin, which remains faithful to Satoshi Nakamoto’s original vision for the leading cryptocurrency – is to increase its supply by 2 million BSV, leading to a total supply of 23 million.
The move comes in the face of pressure from two sides. On the one hand, there is evidence that regulators do not like the fixed supply of bitcoin, and that this is proving a barrier to approval and integration within the mainstream financial system. CME Group Chair and CEO Terry Duffy recently commented that governments and regulators were struggling to see how a deflationary currency like bitcoin could be used within an inflationary fiat monetary system.
The move to increase supply by 2 million – almost 10% – shows clear willingness on the part of Bitcoin Cash Satoshi Vision’s large and experienced development team to compromise in the interests of pragmatism, suggesting that BSV will soon become the leading store of value in the crypto space as investors abandon BTC.
At the same time, the news comes as Bitcoin Cash – BSV’s original pre-fork blockchain – announces its decision to increase supply by 1 million to a total of 22 million, again making it a more competitive store of value and better aligned with the mainstream financial system.
‘The idea that you can simply increase supply by 1 million and that’s enough is ludicrous,’ comments Craig Wright, the visionary dev behind BSV. ‘It’s not enough. You also need the business partnerships and respectability to attract mainstream investors. There’s a saying that you can’t buy love, and you certainly can’t buy love for 1 million BCH. That’s why we’ve increased supply by 2 million.’
Red hot news, scorching wit and searing opinion pieces from Crypto Inferno.