With governance debate continuing over the future direction of the Bitcoin network, Strategy chairman Michael Saylor said capital alone cannot determine consensus on the Bitcoin network, stressing the principle of decentralisation. The remarks draw attention as controversy grows over Bitcoin Improvement Proposals (BIPs) related to blocking transaction spam and responding to quantum computers.

On July 3, U.Today, a blockchain media outlet, reported that Saylor posted on X, formerly Twitter, saying that in a decentralised network no single actor can monopolise decision-making. The post drew attention after Adam Back, known as an early Bitcoin developer and chief executive of Blockstream, reshared it.

At the centre of the debate are two BIPs. One is BIP-110 to reduce transaction spam, and the other is BIP-361, which would restrict wallets unused for long periods to prepare for potential quantum computer attacks. Controversy is growing in the community especially as some speculate that BIP-361 could affect dormant wallets thought to hold about 1.1 million BTC believed to be owned by Satoshi Nakamoto.

Saylor stressed that even though Strategy holds about 847,363 BTC and is the world’s largest corporate holder of bitcoin, the scale of those assets does not translate into authority to control the network. He explained that what investors can wield is economic influence, which is balanced by the roles of other network participants such as node operators’ power to validate transactions and miners’ computing power.

He also drew a line under the idea that external factors such as government regulation or political pressure could directly determine network consensus. He said protocol changes only work when validation participants, miners and capital markets all accept the new rules.

The remarks did not directly mention the possibility of an actual fork. Even so, they take on added meaning as the community raises concerns that measures to block transaction spam and respond to quantum computers could undermine Bitcoin’s core principles.

The market is also watching Strategy’s financial situation. The outlet said that at the time of Saylor’s remarks, the average purchase price of the company’s bitcoin holdings was about $75,646, while bitcoin was trading at around $62,000, putting estimated unrealised losses at about $11.5 billion.

Even so, Saylor reiterated that regardless of corporate profit and loss or Wall Street assessments, Bitcoin’s operating principles should be maintained through consensus among network participants.

The industry expects the remarks to rekindle debate over who actually exerts influence in Bitcoin governance, beyond simply backing or opposing specific BIPs. Discussion of BIP-110 and BIP-361 is expected to hinge not only on technical completeness but also on how to preserve Bitcoin’s decentralisation principles and consensus process.