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Michael Saylor Criticizes BIP-110, Warns Bitcoin Against Internal Governance Risks on July 29

2026-07-28 16:34:00

BTC-2.10%

According to Michael Saylor's post on X on July 29, the Bitcoin advocate warned that while Bitcoin has "already won," its greatest threat comes not from external enemies but from internal governance risks. Saylor criticized proposals like BIP-110 and other attempts to modify Bitcoin's consensus rules, arguing they prioritize specific group interests over network security. He highlighted concerns about transaction censorship mechanisms, increased block sizes that could weaken scarcity, and complex covenant schemes that raise attack surface risks. Saylor emphasized that as block rewards halve every 210,000 blocks, network security will increasingly depend on transaction fees. He called for maintaining Bitcoin's base layer simple, neutral, scarce, and secure, with innovations placed in peripheral ecosystems.

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