Saylor Warns BIP-110 Soft Fork Threatens Bitcoin Holders' Rights

Bitcoin (BTC) holder Michael Saylor has expressed concern over the proposed BIP-110 soft fork, calling it an attack on every BTC holder's economic rights. In a series of posts on X, Saylor described Bitcoin's consensus rules as the network's constitution and warned that rewriting them would have far-reaching consequences.

Saylor grouped BIP-110 with covenant proposals and calls for larger blocks, arguing that they are all part of the same constitutional offense. He claimed that these changes would limit arbitrary non-monetary data, such as Ordinals inscriptions, and instead censor valid fee-paying transactions.

The proposed soft fork has gained only 2.64% miner support, far below the required 55% to activate it. Saylor warned that crippling the fee market would starve Bitcoin's defenders at a critical time, leading to 'disarmament rather than protection'.

As the company behind MicroStrategy holds the largest corporate position of BTC, bought at an average cost near $75,476 a coin, Saylor's warning carries significant weight. The proposed soft fork is set to open its mandatory signaling window around August 9.