The price of Bitcoin SV (BSV), often dubbed a "mythical relic" from crypto’s early days, has experienced significant volatility in 2025. On October 20, it reached its highest point of the year—driven largely by Binance’s announcement that it would launch 1–50x USDT-margined perpetual contracts for BSV.
This resurgence reignites a complex narrative—one intertwined with identity, ideology, platform power, and market pragmatism. What makes this moment particularly striking is the reversal of a controversial decision made four years earlier: Binance had once delisted BSV in a bold stand against its lead figure, Craig Wright. Now, with the introduction of high-leverage trading products, Binance appears to have welcomed BSV back into its ecosystem.
Craig Wright and BSV: The Satoshi Identity Debate
To understand the full arc of this story, we must return to 2017, when developers supporting larger block sizes initiated a hard fork from Bitcoin, creating Bitcoin Cash (BCH) with an 8MB block limit. This marked the first major schism in the Bitcoin community—between those favoring decentralization through small blocks and those advocating scalability via larger ones.
But as the saying goes, “forks happen once or infinitely.” In November 2018, BCH itself split again amid a fierce hash war, resulting in two chains: BCH ABC and Bitcoin SV (BSV), the latter led by Dr. Craig S. Wright.
Wright has long claimed to be Satoshi Nakamoto, Bitcoin’s pseudonymous creator—a claim met with widespread skepticism. At the 2018 Deconomy conference, during a panel on blockchain principles, Ethereum co-founder Vitalik Buterin openly called him out as a fraud. To date, Wright has failed to provide irrefutable cryptographic proof—such as signing a message with Satoshi’s known private keys—leaving many in the crypto community convinced his claims are baseless.
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Despite the controversy, some acknowledge Wright's technical depth. In interviews, he has demonstrated extensive knowledge of blockchain architecture and distributed systems, earning him labels like “the most technically credible Satoshi claimant.” He also emphasizes that Bitcoin was never meant to be anonymous but private, designed with regulatory compliance in mind—a view at odds with cypherpunk ideals but aligned with institutional adoption trends.
CZ and the “We Are All Hodlonaut” Movement
At the same time Wright was asserting his identity, the crypto world was captivated by the “Bitcoin Lightning Torch” relay—a social experiment using the Lightning Network to pass along increasing amounts of satoshis. Participants included Jack Dorsey, Reid Hoffman, and even CZ and Justin Sun.
When Wright threatened legal action against Hodlonaut—the torch’s organizer—for mocking his Satoshi claims, tensions escalated. Wright publicly offered a bounty of 70 BSV (~$5,000) for personal information about Hodlonaut, prompting Hodlonaut to temporarily deactivate his account.
This backlash backfired spectacularly. The crypto community rallied under the banner #WeAreAllHodlonaut, changing their Twitter avatars and usernames in solidarity. CZ joined the movement, publicly condemning Wright’s actions and warning that Binance would delist BSV if the harassment continued.
His tweet—“Craig Wright is not Satoshi. Anymore of this sh!t, we delist!”—went viral. It wasn’t just a threat; it was a statement of values. At the time, Binance was still establishing its authority in the space. This bold move enhanced its reputation as a platform willing to take ethical stands.
On April 15, 2019, Binance followed through, removing BSV from trading pairs. The announcement cited several evaluation criteria, including “contribution to the broader blockchain ecosystem.” Markets reacted swiftly: BSV dropped 12%, falling to 13th in market cap rankings, while BCH saw a corresponding uptick.
Interestingly, some BSV supporters viewed the delisting positively, arguing it pushed the project closer to true decentralization—free from reliance on any single exchange.
From Delisting to Leverage: Binance’s Strategic Shift
Fast forward four years, and Binance has launched 50x leveraged perpetual contracts for BSV—a product offering significantly higher risk and reward potential than spot trading. Within two hours of the announcement, BSV surged nearly 30%.
This shift raises questions: Is this hypocrisy? Or evolution?
One interpretation is that Binance’s original delisting was never purely technical—it was symbolic. It aligned with community sentiment at a time when defending free speech and resisting intimidation mattered more than asset performance.
Today, however, the landscape has changed. With increased institutional interest, regulatory scrutiny, and competition from other exchanges, Binance must balance principle with business reality. Offering derivatives on high-volatility assets like BSV caters to active traders seeking exposure—regardless of ideological disputes.
Moreover, market narratives have shifted. While BTC remains dominant, narratives around Bitcoin’s ecosystem—such as Ordinals, inscriptions, and layer-2 innovations—are driving renewed attention. In this context, reintroducing BSV derivatives may be less about endorsing Wright and more about capturing trading volume tied to Bitcoin-related speculation.
Time Changes Perspectives
CZ himself has evolved. Once an outspoken figure unafraid to pick fights on Twitter, he now leads a global financial platform navigating complex legal and geopolitical terrain. His earlier stance against Redwood Capital—a firm that sued him over a failed investment deal—eventually softened after years of litigation. Years later, that same firm became a limited partner in Binance Labs’ second fund.
As CZ reflected in an interview:
“We won the case decisively. Years later, we invited them to join our fund. Today, we maintain a good relationship. Most issues can be resolved over time.”
This mirrors Binance’s current approach: pragmatic adaptation over rigid ideology.
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Doing the Right Thing—At the Right Time
Binance has consistently framed its decisions around doing “the right thing.” But what’s “right” depends on context.
In 2019, delisting BSV was a moral stand against perceived threats to open discourse.
In 2025, relisting BSV derivatives is a strategic move aligned with market demand and trader behavior.
It’s not inconsistency—it’s maturity. Platforms grow. Markets evolve. Leaders adapt.
Just as Binance capitalized on the Ordinals boom by launching NFT services and inscription tools, its move to offer leveraged BSV contracts reflects sensitivity to timing and sentiment—even if that sentiment circles back to a once-rejected asset.
Even the false rumor of a spot Bitcoin ETF approval in mid-October sent BTC soaring past $30,000, proving how powerful narratives can drive real market movements. Binance likely recognized that amid this renewed bullish momentum, reintroducing BSV products could capture attention—and liquidity.
Frequently Asked Questions (FAQ)
Q: Why did Binance originally delist BSV?
A: In 2019, Binance cited concerns over Craig Wright’s conduct—particularly his legal threats against critic Hodlonaut—as inconsistent with healthy blockchain ecosystem values. The delisting was framed as a defense of free speech and community integrity.
Q: What changed for Binance to relist BSV derivatives?
A: Market dynamics shifted. With growing demand for leveraged trading products and renewed interest in Bitcoin-adjacent assets, Binance responded pragmatically—not as an endorsement of Craig Wright, but as a service to traders.
Q: Is Craig Wright really Satoshi Nakamoto?
A: There is no verifiable evidence that Craig Wright is Satoshi Nakamoto. Despite his claims and patents, he has not provided cryptographic proof—such as signing a message from Satoshi’s known addresses—which most experts consider essential.
Q: Does offering 50x leverage encourage risky behavior?
A: Yes, high leverage amplifies both gains and losses. While it attracts experienced traders, it also increases systemic risk. Exchanges typically include risk warnings and liquidation mechanisms to mitigate harm.
Q: How did the crypto community react to BSV’s relisting?
A: Reactions were mixed. Some criticized Binance for reversing its stance; others saw it as a natural evolution of a mature platform responding to market needs rather than past grievances.
Q: Could other exchanges follow Binance’s lead?
A: Possibly. If BSV trading volume and futures interest remain strong, competitors may consider similar listings to retain or attract active traders.
Ultimately, Binance’s journey with BSV reflects a broader truth in crypto: ideals matter, but so does survival. Whether delisting or relisting, what remains constant is the need to act decisively—in the right way, at the right time.
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