Is Bitcoin (BTC) Rallying to $8,500 Because Craig Wright Can’t Prove He His Satoshi?

Bitcoin BTC Satoshi Nakamoto

Bitcoin (BTC) gains are in single digits, up 5% in the last day of trading. However, this is enough to sustain bulls and keep prices above the $8,000 mark. Now, there are some Twitter commentators linking this unexpected rally to Craig Wright’s inability to liquidate the 1.1 million BTCs he claims to own in trust with David Kleiman.

BSV and BCH Rally

Two of Bitcoin’s spinoffs, Bitcoin Cash fronted by Roger Ver, the former Bitcoin evangelist, and Bitcoin SV, under Craig Wright with added support from CoinGeek’s owner Calvin Ayre, continue to pump, outperforming digital assets in the top 20. For comparison purposes, BSV and BCH are up 25% and 7%, respectively in the last trading day.

BTC-BSV-BCH Market Performance
BTC-BSV-BCH Market Performance

However, what could be a net positive for Bitcoin bulls, and dashing for these offshoots, is if Craig Wright cannot prove ownership of the huge swaths of BTC that remains unmoved for years.

Court Grants Craig 21 more days to Proof Ownership

Before his death, David and Craig were partners and claimed to have mined 1.1 million BTCs that are now kept in trust. Last week, Craig submitted a document describing three trusts that may hold private keys of their coins, and some analysts linked his submission to the current BSV pump.

The document was supposed to be submitted this week. It has now emerged that a US District Judge has given him 21 more days to prove he his Satoshi Nakamoto.

The passwords of these Tulip trusts were supposed to be delivered via a bonded courier the court is “remotely plausible of” in a tentative time in January 2020.

” The Court questions whether it is remotely plausible that the mysterious “bonded courier” is going to arrive, let alone that he will arrive in January 2020 as the Defendant now contends. However, given that the Defendant maintains that he should at least be afforded this opportunity, the Court will indulge him this much.”

If Craig lays his hands on the passcodes and proof ownership of the 1.1 million BTC, it is likely that BTC will crash while BCH and BSV rally.

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