cryptovest.com
Bitcoin (BTC) served the markets another surprise by staging a rally instead of sliding below $3,000. Its price rose above the $3,500 level after an unnerving four-day stagnation around $3,200. BTC reached $3,542.48 as of 8:30 UTC on Tuesday. Despite the positive movement, Calvin Ayre, a Bitcoin SV (BSV) proponent, forecasts that BTC prices will unravel to zero in 2019, as he said an interview with the Daily Express.
The reason for this is that the Bitcoin SV project has set its sights on becoming the leading coin for payments, displacing Bitcoin. BSV, however, currently sits at around $79.82 after touching lows of about $64 last weekend.
The chief argument against Bitcoin is that the blockchain has not scaled and still has troubles with high fees and potential congestion. At the same time, the Bitcoin SV project will aim to scale by propagating larger blocks, first as a test, later as a regular occurrence. It has also served up talk of trusted miners devoting special resources, in effect centralizing the network partially.
Ayre believes the initial hard fork that created Bitcoin Cash in August 2017 had the mission to destabilize Bitcoin. He also disparagingly calls the current version of Bitcoin “SegWit coin,” pointing out that it has diverged from the original idea.
“SV is what bitcoin was and is the only way it works,” Ayre told the Express.
However, tickers and coin names are important, and it is ultimately up to exchanges to recognize the assets. The BTC ticker is the more widely recognized one, and the asset is aiming for mainstream adoption into the financial system in 2019. But Bitcoin SV is in for a fight to establish itself as the de-facto original Bitcoin.
BTC, however, has the largest community of supporters, including one million Reddit subscribers, and the price going down to absolute zero is seen as an improbable event.