Breaking fintech news reports show that SBI holdings, a Japanese funder of crypto endeavors and major presence in the region, is set to delist Bitcoin cash from its exchange in June.
That’s a somewhat unusual move, since many other exchanges are instead moving to delist the coin’s ‘evil twin,’ Bitcoin SV, which split from Bitcoin cash in a hard fork last year.
For example, Binance, a major exchange for crypto, is due to stop trading on all pairs for Bitcoin SV this very month.
Hilariously, some of the aversion to this break-off coin revolves around its colorful proponent Craig Steven Wright, and his assertion that he is actually the individual who created Bitcoin.
“Binance’s delisting followed arguments in the crypto community, with Binance CEO Changpeng Zhao (CZ) having warned that he will delist bitcoin SV if Wright does not stop claiming that he is the real Satoshi Nakamoto,” writes Helen Partz today at Cointelegraph. “In response, the crypto community on Twitter has reacted to CZ’s warning by asking various exchanges to delist BSV and launching a #DelistBSV hashtag.”
As for SBI holdings, CEO Yoshitaka Kitao reportedly has a close connection with Wright, calling him, according to Partz’s coverage, “a friend and man I respect a lot.”
Partz also notes trading prices for both Bitcoin cash and Bitcoin SV, respectively, $314 and $55.
In reality, it’s crazy that both of these coins are still trading at all – as in a classic divorce scenario, traders and exchanges and other stakeholders are left to pick sides. As reported, many of them are going with Bitcoin cash over Bitcoin SV – but the holdouts are enough that Bitcoin SV keeps charging on.
Having both coins active isn’t the end of the world – at the time, many analysts expected more chaos and greater bloodshed in crypto markets when the hard fork occurred. Still, it’s a cautionary tale of what can happen when lack of consensus breeds the kind of conflict that splits coins in a hard fork scenario.
Simply speaking, you just can’t have too many hard forks, and it may not be a coincidence that Bitcoin cash split took place in the midst of a bear market that has just now turned the corner as Bitcoin breaches the 5000 mark.