Craig Wright Copyright News Brings Boost for Bitcoin SV

- May 22nd, 2019

But the US Copyright Office has emphasized that it does not verify the truth of claims made in copyright registration applications.

Craig Wright, who has claimed since 2015 that he is the elusive Satoshi Nakamoto, the developer of the original bitcoin code and bitcoin whitepaper, was granted copyright registration for the whitepaper in the US on Tuesday (May 21).

The US Copyright Office also gave Wright copyright for a significant portion of bitcoin’s code. CoinGeek says it is the first government office to approve his claims.

After the news was announced on Tuesday, bitcoin SV rose from US$62.07 to a high of US$139.31, according to CoinMarketCap. This resulted in a meteoric 260 percent climb.

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Not to be confused with bitcoin, bitcoin SV is a cryptocurrency that claims to stand behind decentralization and the original values of bitcoin. Bitcoin SV stood at US$101.83 as of 1:26 p.m. EDT on Wednesday (May 22). 

The cryptocurrency was developed by nChain and is among the top 10 cryptocurrencies by market capitalization. Wright is the chief scientist at nChain.

For its part, bitcoin saw its price rise over 1 percent on Tuesday from US$7,926.14 to a high of US$8,054.27. Bitcoin was priced at US$7,925.45 as of 1:30 p.m. EDT on Wednesday. In January, bitcoin prices were at US$3,745, marking a 111.6 percent increase from then to now.

Despite those major increases, many in the bitcoin community have shared their doubts about Wright’s claim that he is Satoshi Nakamoto, and the US Copyright Office itself has issued a press release explaining that it does not verify the truth of statements made in registration applications.

“In a case in which a work is registered under a pseudonym, the Copyright Office does not investigate whether there is a provable connection between the claimant and the pseudonymous author” it says.

Nonetheless, Jimmy Nguyen, founding president of bitcoin SV, commented positively to CoinGeek, saying, “Better than anyone else, Craig understands that Bitcoin was created (to) be a massively scaled blockchain to power the world’s electronic cash for billions of people to use, and be the global data ledger for the biggest enterprise applications.”

He added, “We look forward to working with Craig and others to ensure his original vision is recognized as Bitcoin and is realized through BSV.”

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Securities Disclosure: I, Dorothy Neufeld, hold no direct investment interest in any company mentioned in this article.

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