Saylor Warns Bitcoin 'Gravest Threat' Comes from Within: Corruption and Economic Theft

Michael Saylor has taken a strong stance on the Bitcoin protocol debate, likening its consensus rules to a constitution and any attempts to rewrite them as an attack on economic rights. In a nine-post thread on X, he argued that changes to the code are not just updates, but confiscation of people's economic rights. He extended his argument beyond BIP-110 to cover covenants and larger-block proposals, calling all of them 'different instruments, same constitutional offense.'

The proposal in question, BIP-110, aims to restrict non-financial data like Ordinals inscriptions from the Bitcoin blockchain for around one year. Saylor has been attacking this proposal specifically, posting a 110-point essay opposing it last week. Despite his point of view seeming to have prevailed, he lumped BIP-110 together with covenants and larger-block proposals.

Saylor's argument is that protocol changes must be rare, conservative, and driven by necessity, not ambition. He believes that defending Bitcoin's constitution is essential for its survival. The proposal's mandatory signaling window opens around August 9, at block 961,632, with miner support sitting at just 2.64%, well short of the 55% required for activation.