Developer Luke Dashjr Shares ‘Profound Proposal’ to Soft Fork Bitcoin in Order to Fix its Price
The Bitcoin developer Luke Dashjr has proposed on Twitter a new way to fix Bitcoin’s price. The intention is to set a global minimum price for Bitcoin. This is why he proposed a soft fork in order for Bitcoin to have a minimum price of $50,000. But is that feasible?
Bitcoin Price Fixed At $50,000?
Bitcoin has been in a bear trend since January 2018. In December 2017, the cryptocurrency reached $20,000 and since that moment, the digital asset started to fall until reaching $3,200 in December 2018.
“Certain parts of the community have been selling bitcoins for unreasonably low prices. This has halted Bitcoin’s valuation at $20,000 and even driven the price down below $15k! However, clearly Bitcoin is worth much more than that, and there is widespread support for higher prices.”
He then said that he has written and implemented two new Bitcoin Improvement Proposals (BIPs). The first one is to add a signed price filed to Bitcoin transactions, and the other is to soft fork a minimum price of $50k USD/BTC a year from today.
The low #Bitcoin prices have gone on too long.
"Softfork proposal for minimum price of $50k USD/BTC"https://t.co/Si48prViUK
— Luke Dashjr (@LukeDashjr) April 1, 2019
Although the proposal seems very positive for Bitcoin – let’s imagine for a moment Bitcoin has a guaranteed price of $50,000 – the community did not appear excited about these proposals. Indeed, many users believed that this was an original joke related to April Fools’ Day. On April 1st, several individuals shared jokes on social media and real life regarding unexpected or non-probable things.
Back at the beginning of the year, Dashjr proposed the cryptocurrency community, specifically the Bitcoin community, to reduce the block size of the Bitcoin network. This would have been implemented via a soft fork. However, the community has been against this proposal.
Currently, each Bitcoin can be purchased for $4763 according to CoinMarketCap. It also has a market capitalization of $83.94 billion. In the last 24 hours, Bitcoin registered a price increase of 15.21%. A few hours ago, the digital asset surpassed $5,100 in some exchanges.