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BTC Summary
Craig Wright believes that Bitcoin's protocol should remain fixed, preventing developers from changing core network rules through software upgrades. Wright criticized Bitcoin's governance model, arguing that decentralization relies on immutable protocol rules rather than committee decisions or developers 'influence on consensus. In addition, Wright also denied Bitcoin's "generational wealth" narrative, arguing that market value does not represent achievable wealth during a period of heavy sell-off.
Craig Wright once again criticized Bitcoin governance, advocating permanent rules rather than developer-led upgrades.
Craig Wright once again criticized Bitcoin's governance model, arguing that the network should operate based on permanent rules rather than developer-led protocol upgrades. The Australia computer scientist who calls himself the creator of Bitcoin Satoshi Nakamoto said the foundation of Bitcoin should remain the same and innovation should develop through applications built on the Internet.
According to Wright, Bitcoin's underlying protocol should never be controlled by developers, miners, exchanges, corporations or foundations. Instead, he believes that fixed rules can provide certainty for companies to build products with peace of mind without worrying that future software updates may change how networks work or undermine the value of existing investments.
In addition, Wright maintains that stable protocol rules create equal opportunities for all because no single group can rewrite the system for its own benefit.
Wright questions Bitcoin's current governance model
Wright pointed out that Bitcoin supporters often claim that the network is decentralized, but actually rely on a relatively small number of developers to influence protocol changes. He believes this approach runs counter to Bitcoin's original goal of eliminating the need for trust in individuals or governance committees.
In addition, Wright criticized years of decisions to change trading capacity and consensus rules. He claims the changes diverge Bitcoin from its design purpose and reduce the certainty companies need before investing resources for long-term development.
"Now think carefully about what this means. Many of you have called me a liar because I advocate that Bitcoin should remain an open system with fixed protocols-anyone can trade, build, compete and accept payments without permission. At the same time, you are shouting against it..."
Going further, Wright believes that decentralization comes from preventing protocol changes rather than letting stakeholders decide how the network should evolve. As a result, he believes developers should focus on creating new services and applications rather than modifying Bitcoin's core rules.
Wright denies Bitcoin's wealth narrative
In addition to criticizing governance models, Wright also questioned Bitcoin's changing investment narrative. He pointed out that Bitcoin has gradually transformed from electronic cash to digital gold, then to a store of value, ultimately linked to the promise of "generational wealth."
He believes that such expectations ignore basic economic reality, because trillion-dollar assets cannot repeatedly reproduce the abnormal returns of Bitcoin's early days. In addition, Wright asserted that market value does not represent wealth that every holder can actually cash in. He explained that a large sell-off would put huge pressure on prices, making it difficult for all investors to convert quoted valuations into cash at the same time.
Conclusion
Wright's latest comments have reignited the debate on Bitcoin governance-he argued that the agreement is unchangeable, while questioning the asset's modern investment narrative and long-term valuation expectations.
