Michael Saylor has warned that the biggest threat to Bitcoin is not external attack, but internal factions seeking to rewrite its rules. He described Bitcoin’s consensus rules as its “constitution,” stating that changes for any group’s benefit would attack all participants. Saylor specifically criticized BIP-110, a proposal he says would censor valid fee-paying transactions. He argued that allowing political competition to shape consensus could weaken Bitcoin’s security and economic rights. Saylor supports keeping the base layer simple and neutral, with upgrades limited to cases of clear necessity.
Michael Saylor, executive chairman and co-founder of Strategy, stated that Bitcoin has succeeded but now faces its greatest challenge from factions seeking to rewrite network rules for their own interests. He warned that such changes could weaken economic rights and undermine Bitcoin’s long-term future.
In a recent post, Saylor described Bitcoin’s consensus rules as a “constitution” that defines property rights, scarcity, settlement, and the balance of power across the network. He argued that changing those rules for any particular group would amount to an attack on every BTC participant.
Saylor said the cryptocurrency has the potential to grow 100-fold and become the foundation of global capital. He argued that even a single “corrupt” rule adopted today could limit future markets, technologies, and economic freedom.
At the center of his criticism is BIP-110, a temporary soft fork that “limits data field sizes to reduce blockchain bloat and refocus development on monetary use cases.” Saylor argued that the proposed cure is more dangerous than the condition.
Saylor also criticized covenant-related proposals and larger-block proposals, stating they share the same “constitutional offense” by rewriting Bitcoin’s rules and imposing costs and risks on the wider network. He claimed larger blocks would reduce blockspace scarcity while increasing bandwidth and validation costs.
He wrote that miners play a critical role in securing Bitcoin by investing capital while their block subsidy declines through scheduled halvings. Saylor stated, “Cripple the fee market, and you starve Bitcoin’s defenders when the network will need them most.”
Saylor supports keeping the base layer simple, neutral, scarce, and secure, with upgrades limited to cases of clear necessity.
