TLDR
Michael Saylor says Bitcoin could grow 100 times larger and become a base for global capital.
He warns proposed changes to Bitcoin’s rules could weaken scarcity and security.
Saylor criticized supporters of the BIP-110 soft fork, saying Bitcoin does not need fixing.
Miner support for BIP-110 has risen to 2.3%, far below the 55% threshold needed.
The August 9 deadline for BIP-110 activation is approaching as debate grows louder.
Michael Saylor is speaking out about Bitcoin’s future. He says the network’s biggest risk now comes from within, not from outside competitors.
Saylor made his comments in a series of posts on X on July 28. He said Bitcoin has reached a major point in its growth.
He believes Bitcoin can still grow 100 times larger. Saylor argues it could become a base for global capital markets.
Saylor Defends Bitcoin’s Existing Rules
Saylor said Bitcoin’s rules act like a constitution. He wrote that these rules define property, scarcity, and settlement.
He warned that changing these rules to benefit one group could hurt everyone else. He said a bad rule adopted today could take away future opportunities.
Saylor pointed to a few proposals he sees as risky. These include BIP-110, covenant features, and plans for larger blocks.
He said limiting transactions could reduce miner choice. He also said larger blocks could raise validation costs over time.
Backlash Over BIP-110 Comments
Saylor’s remarks were part of his ongoing criticism of BIP-110. This proposal is also called the Reduced Data Temporary Soft Fork.
BIP-110 aims to limit how much transaction data can be stored on Bitcoin. Supporters say it would stop spam-like data similar to Ordinals inscriptions.
On July 27, Saylor told BIP-110 supporters not to fix something that is not broken. He said Bitcoin’s core rules should rarely change.
His comments drew a fast response. Paul Sztorc, a supporter of the fork, called Saylor a hypocrite on X.
Sztorc said Saylor was new to Bitcoin himself. He pointed out that Saylor doubted Bitcoin back in 2012 before changing his mind.
Saylor has since become one of Bitcoin’s most public backers. His company Strategy holds a large amount of Bitcoin on its balance sheet.
He has also helped form a Bitcoin Security Consortium. The group includes Coinbase and BlackRock and focuses on the network’s long term safety.
Miner support for BIP-110 has grown slowly. It now sits at 2.3 percent, based on tracking data.
That number is still far below the 55 percent threshold needed for the fork to activate. The deadline for activation is August 9.
If support stays low, the network could face a temporary split. Exchanges may need to pause Bitcoin transactions to adjust.
Pierre Rochard, a former VP of Research at Riot Platforms, said the BIP-110 debate has added pressure on Bitcoin’s price. Bitcoin recently slipped below $64,000.
It is still unclear if the fork will activate in August. The outcome could shape how future Bitcoin upgrades are decided.
