Michael Saylor believes Bitcoin has already succeeded but now faces its greatest challenge. He said the biggest threat is not an outside attacker but factions that seek to rewrite the network’s rules for their own interests.
The executive chairman and co-founder of Strategy warned that such changes could weaken economic rights and undermine the cryptocurrency’s long-term future.
In a recent post on X, Saylor described Bitcoin’s consensus rules as its “constitution,” and said that they define property rights, scarcity, settlement, and the balance of power across the network. As such, changing those rules for the benefit of any particular group would amount to an attack on every BTC participant, both now and in future generations.
He said the cryptocurrency has the potential to grow 100-fold and become the foundation of global capital, but argued that even a single “corrupt” rule adopted today could limit future markets, technologies, and economic freedom. According to Saylor, governments and political systems often justify taking away rights by claiming a crisis exists, and said Bitcoin could face a similar outcome if factions gain control of consensus.
At the center of his criticism is BIP-110, a proposal Saylor argues would censor valid fee-paying transactions. BIP-110 is a temporary soft fork that “limits data field sizes to reduce blockchain bloat and refocus development on monetary use cases.” The proposal has emerged as one of the most contentious proposals this year. He had previously said that the proposed cure is more dangerous than the condition.
Saylor didn’t stop at BIP-110. He also took aim at covenant-related proposals and larger-block proposals, and they may differ in design but share the same “constitutional offense” because they rewrite Bitcoin’s rules and impose additional costs and risks on the wider network.
He claimed that larger blocks would reduce blockspace scarcity while increasing bandwidth and validation costs, and covenants would permanently add complexity to consensus and introduce new attack surfaces. The argument also focused on the fact that miners play a critical role in securing Bitcoin by investing capital, while their block subsidy continues to decline through scheduled halvings. He wrote,
“Cripple the fee market, and you starve Bitcoin’s defenders when the network will need them most. That is not protection. It is disarmament.”
The impact would not be limited to miners. Exchanges, custodians, developers, investors, and holders could also face risks if future rule changes put their businesses and capital in the hands of whichever group controls the consensus process. For Sayl
小靓分析：
🦊 小靓解读
Michael Saylor 再次强调比特币的共识规则是不可篡改的“宪法”，他担心内部利益集团试图修改规则，会削弱比特币的核心价值——去中心化和财产权保护。这反映出比特币在成熟过程中，治理争议正成为比外部攻击更严峻的挑战。
📊 市场影响
短期内，这类言论可能强化长期持有者的信仰，但对价格走势的直接冲击有限。中长线看，若社区内部因规则修改产生分裂，会加剧市场不确定性，可能压制比特币的上涨动能。
💡 操作建议
建议关注比特币链上治理动态及社区共识变化，避免在重大分歧事件前后重仓短线博弈。当前 BTC 价格在 6 万-7 万美元区间震荡，适合以网格或趋势突破策略低倍运行，控制风险为主。
风险提示：
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