Saylor Speaks Out Against Proposed Bitcoin Upgrade
A surprisingly spirited debate has been taking place about the future of Bitcoin (BTC +0.99%), centered around Bitcoin Improvement Proposal 110 (BIP-110), a proposal for a 'soft fork' of the Bitcoin blockchain.
BIP-110 aims to prevent users from embedding large amounts of non-financial information on the Bitcoin blockchain, which some see as a subversion of Satoshi Nakamoto's original intent for Bitcoin as a peer-to-peer currency for financial transactions only.
Strategy's Michael Saylor has been one of the loudest voices against BIP-110, penning an online essay called '110 Reasons BIP-110 Is a Bad Idea' that went viral. He believes it sets a dangerous precedent and could fundamentally change how Bitcoin works in the future.
Saylor feels strongly about this issue because his company owns approximately 4% of all Bitcoin in circulation, making him one of the largest stakeholders in the cryptocurrency.