Michael Saylor, executive chairman of Strategy (formerly MicroStrategy), published a thread on X on July 28 calling Bitcoin’s consensus rules a constitution and warning against any modification. He opposes BIP-110, covenants, larger block sizes, and any modification to the protocol’s base layer. Strategy holds 843,775 BTC, acquired at an average price of approximately $75,476 per coin. BIP-110 targets inscription protocols like Ordinals, BRC-20 tokens, and Runes, which Saylor considers an existential threat to Bitcoin’s value proposition. For institutional investors, this position sends a clear signal: Bitcoin’s value lies in its scarcity, immutability, and predictability.
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