Craig Wright, who has claimed to be Bitcoin creator Satoshi Nakamoto, reiterated that the Bitcoin protocol should be permanently fixed and that developer-led upgrades should not take place. He also criticised Bitcoin's technical governance as well as the recent market narrative that it is digital gold and a store of value.

According to blockchain outlet U.Today on Aug. 2, Wright recently took issue with both Bitcoin's governance structure and its investment narrative, arguing that the protocol is a fixed set of rules that no one should rewrite.

He said no developer, miner, exchange, foundation or company should rewrite the rules for their own benefit, and that innovation should happen at the application layer rather than in the base protocol.

Wright stressed that a fixed protocol provides a more predictable environment for businesses. He said they should be able to develop services and compete without worrying that software upgrades could damage existing investment value or change how the network fundamentally operates.

He also questioned the concept of decentralisation in Bitcoin. He said Bitcoin supporters claim the network is decentralised, while in reality it depends on decisions made by a small group of developers.

Wright said limiting transaction throughput, changing consensus rules and excluding opposing views are not consistent with Bitcoin's original design philosophy. He stressed that Bitcoin is designed so users do not have to trust any individual or committee, and that decentralisation stems from ensuring no one can change the protocol.

On the investment side, he said the market narrative around Bitcoin is overly exaggerated. He argued that marketing has expanded from "electronic cash" to "digital gold", then to a "store of value" and recently even to a tool for "generational wealth accumulation", but that this is far from realistic economic logic.

Wright said it is hard for an asset with a market capitalisation already above $1 trillion to deliver the same explosive returns as in its early days. He added that market capitalisation does not mean realisable wealth, and that in a large-scale selloff prices would inevitably plunge, making it realistically impossible for all investors to dispose of assets at their displayed valuation.

The remarks draw attention for targeting both Bitcoin's technical operating principles and its market narrative. Wright has long claimed to be Satoshi Nakamoto, but his claims have not been recognised as credible after a series of legal defeats in disputes over related evidence. Even so, debate over the immutability of the Bitcoin protocol and its governance remains a major issue in the cryptocurrency industry.

Now think carefully about what that means. Many of you called me a fraud for arguing that Bitcoin should remain an open system with a fixed protocol—one in which anyone can transact, build, compete and accept payment without seeking permission. At the same time, you yelled in… https://t.co/LbYGl6jtbd