Saylor Warns Bitcoin Holders: Network's Greatest Threat Lies Within

Michael Saylor has issued a stern warning to Bitcoin (BTC) holders about the network's greatest threat, which he believes lies within. In a series of posts on X, Saylor emphasized that rewriting the consensus rules would be equivalent to attacking the economic rights of every holder alive today and those who will follow.

The contentious BIP-110 soft fork is currently stuck at 2.64% miner support and is set to open its mandatory signaling window around August 9. According to Saylor, this proposal along with covenant proposals and calls for larger blocks are all different instruments serving one constitutional offense. He argues that these measures would cripple the fee market and starve Bitcoin's defenders exactly when the network needs them most.

Saylor compared Bitcoin's consensus rules to a constitution, stating that they decide property rights, scarcity, settlement, and the limits on what any single participant can change without the agreement of everyone else. He stressed that rewriting these rules for one faction would have far-reaching consequences, including disarming the network and driving capital away.

The company behind Saylor holds 843,775 BTC bought at an average cost near $75,476 a coin, making it the largest corporate position held by any entity. BIP-110 is still short of the 55% required to lock in the change, with only 2.64% of blocks backing it.