Saylor warns Bitcoin's constitution at risk as BIP-110 deadline nears

Michael Saylor is no longer fighting a single proposal — he now argues any change to Bitcoin's code is an attack on economic rights.

Michael Saylor, executive chairman of Strategy, said Bitcoin's consensus rules are a constitution and any faction that rewrites them commits "economic theft."

"Bitcoin has won. Now it must survive victory," Saylor wrote in a nine-post thread on X on Tuesday. "Its gravest threat is not an enemy at the gates, but corruption from within: factions that invent pretexts, rewrite the rules, and seize economic rights."

Saylor's thread extended his opposition beyond BIP-110 — a proposed one-year soft fork restricting non-financial data like Ordinals inscriptions — to include covenants and larger-block proposals. "Different instruments, same constitutional offense," he wrote. BIP-110's mandatory signaling window opens around Aug. 9 at block 961,632, with miner support at just 2.64%, well short of the 55% threshold required for activation, according to the BIP-110 signaling dashboard.

The timing coincides with Strategy's own pause. The company has not bought a single bitcoin in five consecutive weeks, instead building a $3.75 billion cash reserve through equity sales. Strategy sold about $1.26 billion of MSTR stock across three weeks, with shares trading near $96.66 — down 76% from a 52-week high of $414.36. The company holds 843,775 BTC at an average cost of $75,494, leaving the position roughly $9.9 billion underwater with bitcoin at $63,817, down 1.5% over 24 hours.

Two Clocks, One Calendar

The BIP-110 debate and Strategy's pause are linked by a single constraint: time. The proposal's deployment schedule sets a mandatory lock-in window for around August 2026. Once that window opens, blocks that fail to signal are rejected as invalid. Saylor's central technical claim concerns miner revenue — block subsidies halve every 210,000 blocks, meaning fees must carry more of the security budget over time. Weakening the fee market, he said, disarms the network.

Strategy faces its own deadline. The company has said it wants 1 million BTC by the end of 2026. The gap is 156,225 coins. Closing it would require roughly 7,000 BTC per week, or near $447 million weekly at current prices. The company is buying none.

The preferred shares add urgency. STRC trades near $88.86, still about 11% below its $100 par despite a dividend raised to 12% on July 1. The Digital Credit Capital Framework announced June 29 cleared buybacks and up to $1.25 billion of Bitcoin sales.

Blockstream Chief Executive Adam Back also opposes BIP-110, though his fork risk warning targeted the lowered 55% activation threshold rather than censorship concerns. The dispute has split Bitcoin developers for months.

For MSTR holders, the stakes are binary. Bitcoin would need to climb about 18% from current levels to return Strategy's position to break-even. A sixth consecutive week without a purchase would extend the longest pause of the company's accumulation era. With $3.75 billion banked, Strategy has removed the near-term need to touch its $1.25 billion Bitcoin monetization authorization — but the dividend clock keeps running.

This article is for informational purposes only and does not constitute investment advice.