Bitcoin SV Price Gains 44% Today, But Was It Due to Fake News Involving Satoshi?

Bitcoin Satoshi Vision (SV), the token created by a hard fork of the Bitcoin Cash (BCH) network last November is always controversial. What happened today did not surprise anyone that knows this network very well because of this.

The price of the BSV tokens surged 17% in around three hours today. The prices have recently spiked 200%, too, so today is not really that surprising. If you think that someone is pumping BSV, then, well, you’re right.

According to Coindesk, scammers were responsible for the price boost because they published several fake news in order to make the prices go up. Most of the fake news intended to make people believe that Craig Wright, the creator of the network, was Satoshi Nakamoto, something that he keeps affirming, despite not having any proof.

The report, which was from a fake site claiming to be the Chinese media outlet Coinbull, claimed that Wright had received a transaction from the Satoshi Nakamoto address that would prove his ID for once and for all. This made the prices rise a lot, obviously, as many uncautious investors were led to believe that the lie was true.

Also, the reports affirmed that the CEO of Binance, the largest crypto trading platform in the world, has acknowledged him, apologized and relisted BSV, which is obviously also a lie.

Wright has been saying for years that he is the real Satoshi Nakamoto. No one believes him until now, but he just keeps saying that. Many people affirmed that he would have the private keys to Satoshi’s first mined BTC if he was actually him and he can’t prove that, so most people believe that he is lying.

Scams Like This Are Common Because They Are So Lucrative

The truth is that these scams are very easy to use and lucrative, which is why they are able to be so common. People just photoshop news and spread it on Chinese media or apps such as WeChat. Dovey Wan, a founding partner of Primitive Ventures, has affirmed that this is a very common move.

Coinbull also emitted an official announcement affirming the someone used the logo of the company in order to impersonate it and that the announcement was fake news.

This made the prices of BSV spike. Some people were scammed, but long-time investors were at least happy with the quick profits. Most cryptos did not have such a hot day today, some struggling to rise even 1%.

In other BSV news, the test net of the company is testing higher block sized such as 1 GB right now, which would be used as a scaling technique if they are able to implement it well enough.

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