Bitcoin SV (BSV) price rose a whopping 28 percent on Friday as traders assessed a key development in the ongoing legal battle with founder Craig Wright.
The self-proclaimed Bitcoin creator submitted a total of 428 documents to plaintiffs, one of which allegedly contained details of a trust holding billions of dollars worth of Bitcoin.
Mr. Wright’s legal counsel has classified the Tulip Trust III paper as confidential. The decision raised the suspicion that her customer was – in fact – involved in mining the first batch of Bitcoin along with his late partner Dave Kleiman. Bitcoin SV supporters who expect Mr. Wright to spend some of that bitcoin on BSV have gotten euphoric on the news.
New: Craig Wright happened to set up a third “Tulip Trust” to hold that missing $ 10 billion fund.
He sent the information about the “Tulip Trust III” in a document dump of 428 files.
Can someone involved in this mess send me $ 1 million to keep going? pic.twitter.com/zAcI9Wohn9
– Arrest of the cops who killed Breonna Taylor (@MrBrendanJay) on January 9, 2020
At 0950 NY, the BSV to dollar exchange rate had reached an intraday high of $ 150.68. The gains were evident despite poor performance in the top ten cryptocurrencies, showing that Bitcoin SV was reacting to idiosyncratic factors.
“I’ll probably get sh ** for it, but wow, BSV Kicking a $$, “said well-known crypto trader Paddy Stash. “Much higher than it was recently.”
I’ll probably get shit for this, but wow, $ BSV kicks the ass. Significantly higher than recently. I didn’t say much publicly on my Twitter, but in my TG I did talk about how I loaded. Are you sitting on an average of $ 90 here too? pic.twitter.com/MzsA5smtRY
– Paddy Stash ?????? (@paddystash) January 10, 2020
The Craig Wright-Satoshi Nakamoto Connection
A Florida district court ordered Mr Wright late last year to pay more than 500,000 bitcoin to Mr Dave’s late brother, Ira Kleiman, after he found Mr Wright guilty of stealing the funds through counterfeiting.
Even so, the controversial Satoshi Nakamoto said he and Dave locked all funds in a digitally encrypted Tulip Trust. He added that he did not have access to the trust and that the first information he would receive about it would be on January 1, 2020.
“As I have stated in legal proceedings, I believe that in January 2020 I will receive information that will allow us to identify coins that I mined in my companies in 2009 and 2010, but I cannot be certain that all of these Information will actually arrive. Said Mr. Wright.
Days before the said date, he told Bloomberg in an interview that the Bond courier who was supposed to give him the details of the trust may never arrive. His comments sparked criticism in the cryptocurrency community. Many called Mr. Wright a liar and a cheater.
Happy New Year everyone!!
May your bags be much lighter in 2020 …
… You warned everyone except people who own $ BSV
– Alistair Milne (@alistairmilne) January 1, 2020
Even so, by filing a document with the court under the Tag Tulip Trust, the founder of Bitcoin SV has increased the possibility of obtaining information about the lost coin. Their existence could further prove that Mr. Wright is part of the team that invented Bitcoin.
Bitcoin SV boom risky?
Mr Wright’s request to hide “potentially sensitive, non-relevant information” contained in the Tulip Trust III document has raised more doubts on the matter than it resolved. Mr Ira’s legal representatives argued that the document could have been presented in court much earlier.
But BSV cops are happy with the development, it seems. The recent rise in the price of the cryptocurrency is now above major resistance levels, but the possibility of a fakeout has not been ruled out by analysts.
Very bullish # BSV $ BSV momentum to overtake #BNB $ BNB. Some #altcoins pop up, but no one knows how long:> https://t.co/G6pYZe1DBP
– Jean-Pierre Buntinx (@jdebunt) January 10, 2020