Saylor Warns BIP-110 Threatens Bitcoin's Core
Michael Saylor, executive chairman of The Strategy, has called out BIP-110 as a threat to Bitcoin's consensus rules, likening them to a constitution. He claims that rewriting these rules for any faction would attack every holder's economic rights.
In a thread on X, Saylor explained that the network's gravest threat is internal, with BIP-110 stuck at 2.64% miner support. The soft fork requires 55% backing to activate and its mandatory signaling window opens around August 9.
Saylor grouped BIP-110 with covenant proposals and calls for larger blocks as constitutional offenses that target the base layer of Bitcoin's protocol. He argues that these changes would cripple the fee market, starving miners when they need it most and leading to 'disarmament' rather than protection.
The Strategy holds 843,775 BTC bought at an average cost near $75,476 a coin, making Saylor's views on BIP-110 unusual but not unimportant. He recommends keeping the base layer simple, neutral, scarce, and secure, pushing innovation to higher layers where adoption is voluntary.