Overview
- Michael Saylor published a nine-post thread on July 28 that said Bitcoin’s consensus rules are a constitution and warned that changing them would attack holders’ economic rights.
- He expanded his opposition beyond BIP-110 to include covenant proposals and larger block-size changes, saying all three would change who controls transaction rules and long-term scarcity.
- BIP-110 would temporarily restrict non-monetary data like Ordinals and tokens, but miner signaling for the proposal is about 2.64%, far below the roughly 55% usually required to activate the change.
- The proposal’s mandatory signaling window is set to begin around block 961,632, near August 9, and its authors and some node operators continue to advocate for it despite limited miner support.
- Strategy’s large holding of about 843,775 BTC and public backing from figures such as Adam Back could amplify resistance, which may slow or block base-layer changes and shift debate to second-layer solutions.