Saylor Sounds Alarm on Internal Threats to Bitcoin

Michael Saylor has expressed concerns about the Bitcoin (BTC) network's internal threats, specifically targeting BIP-110, covenant proposals, and larger blocks. In a series of posts on X, Saylor described Bitcoin's consensus rules as its constitution, which decides property rights, scarcity, settlement, and limits on changes without agreement from all participants.

Saylor argued that rewriting these rules to suit one faction attacks the economic rights of every holder alive today and every generation that follows. He tied this argument to mining economics, stating that crippling the fee market would starve Bitcoin's defenders when the network needs them most.

The BIP-110 soft fork is currently stuck at 2.64% miner support, far below the required 55% to activate it. Saylor has been vocal in his opposition to this proposal, publishing an essay listing 110 reasons why he believes it's a bad idea and arguing that it would impose monetary purity by fiat.

Saylor's prescription is to keep the base layer simple, neutral, scarce, and secure, pushing innovation to higher layers where adoption remains voluntary and any failure is contained. With BIP-110 opening its mandatory signaling window around August 9, Saylor's warnings carry significant weight given MicroStrategy's large corporate position in Bitcoin.