Saylor Sounds Alarm Over BIP-110 Threats to Bitcoin Holders

Michael Saylor has expressed concerns about the proposed BIP-110 soft fork in Bitcoin (BTC), stating that it poses an internal threat to the network. In a series of posts, Saylor argued that rewriting Bitcoin's consensus rules would be akin to attacking every holder's economic rights.

The proposed soft fork aims to temporarily limit arbitrary non-monetary data such as Ordinals inscriptions, but Saylor claims that it would instead censor valid fee-paying transactions and starve the network of necessary funds. He tied this argument to mining economics, stating that crippling the fee market would leave Bitcoin's defenders without a vital source of revenue.

Saylor's company holds 843,775 BTC bought at an average cost near $75,476 a coin, making their opposition carry significant weight. The BIP-110 soft fork is currently stuck at 2.64% miner support, far below the required 55% to activate it. The proposal has opened its mandatory signaling window around Aug. 9.