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Craig Wright says there is a third Tulip Trust; what does this mean for Bitcoin?

Craig Wright says there is a third Tulip Trust; what does this mean for Bitcoin?

On Jan. 6, Wright’s legal team produced a third, confidential Tulip Trust document in a lot of 428 new documents. The Kleiman estate requested a 10-day extension for Wright to provide redactions of the document, which caused Bitcoin SV to jump over 30 percent in one day.

While some believe this document could contain the missing pieces that would unlock Wright’s alleged $10 billion fortune, most agree it’s just another one of Wright’s attempts to make a fool out of the court.

A mysterious new Tulip Trust document emerges in the Wright vs Kleiman case

There seems to be no end in sight to Craig Wright’s lies or his trial with Dave Kleiman‘s estate. In the latest twist in the ongoing crypto trial of the century, Wright’s legal team produced a bundle containing 428 new documents. However, it wasn’t the sudden procurement of those documents that caused a stir in the trial, but rather what those documents contain.

According to a motion filed by Ira Kleiman, the lot of 428 documents contained a third, confidential Tulip Trust documents. Titled “Tulip Trust III,” the document was not revealed under the court’s prior order to produce all documents related to the “blind” trust Wright claimed held the keys to his Bitcoin fortune. The motion said:

“Plaintiffs received this document for the first time on January 6, 2020, amongst a production of 428 other documents, without any explanation as to its late disclosure, or even an email pointing out this document had been produced.”

The Kleiman estate requested a 10-day extension for Wright to produce redactions of the documents to the court.

What does Tulip Trust III mean for Bitcoin?

The very mention of another Tulip Trust document caused quite a stir among the BSV community. Wright’s supporters seem to have seen the mention of these documents as a confirmation that the pieces missing from the previous Tulip Trust documents will finally be revealed.

The excitement about the document quickly translated into a huge pump for BSV, which jumped 35 percent in less than 24 hours, rising from $114 to $154. While the highly-contested Bitcoin off-shoot went on to consolidate after peaking at $154, the excitement about the news certainly hasn’t.

Chart showing BSV price on Jan. 10
Chart showing BSV price on Jan. 10.

Bitcoin also felt a little bit of that excitement as well. Its price jumped just over 4 percent, pushing it above the critical $8,000 support level.

Chart showing Bitcoin’s price on Jan. 10
Chart showing Bitcoin’s price on Jan. 10

In the long run, the possibility of Wright recovering the keys to his alleged 1.1 million BTC fortune could push Bitcoin’s price down. As many Wright supporters believe he will most likely dump a large percentage of his alleged holdings to cover his legal fees, the fear of a devaluating BTC could trigger a sell-off even before any major action from Wright.

For the other, more sane half of the crypto community, the slight dip Bitcoin could experience due to commotion around Wright will just mean that the slow, easy money has left the market.

Bitcoin SV | BSV

Updated: Jan 10 at 9:06 pm UTC
$147.91
26.25%

Bitcoin SV, currently ranked #8 by market cap, is up 26.25% over the past 24 hours. BSV has a market cap of $2.67B with a 24 hour volume of $1.44B.

Chart by CryptoCompare

Bitcoin SV is up 26.25% over the past 24 hours.

Posted In: , , People, Price Watch

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Priyeshu Garg
Author

Priyeshu Garg

Analyst @ CryptoSlate

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.

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