Michael Saylor, chairman of Strategy, argued this week that Bitcoin's code should be treated as a constitution and that any changes to the base layer — including BIP-110, covenants, and larger blocks — constitute attacks on economic rights. The comments, made in a public statement, add a prominent voice to the ongoing debate over Bitcoin's future direction.
Bitcoin as a constitution
Saylor framed the Bitcoin protocol as a foundational document, not just a piece of software. He said the code defines the rules of the network and should be as difficult to amend as a nation's constitution. In his view, altering the base layer risks undermining the property rights and economic freedom that Bitcoin is meant to protect.
The targets: BIP-110, covenants, larger blocks
Saylor specifically called out three proposals: BIP-110, which would increase block size; covenants, a type of smart contract that could restrict how coins are spent; and any move toward larger blocks. He described each as an attack on the network's core principles. The remarks signal a hardline stance against any change that could shift Bitcoin's monetary policy or security model.
A chairman's warning
Saylor's firm, Strategy, is one of the largest corporate holders of Bitcoin. His argument carries weight in the community, where debates over protocol upgrades often split into camps of maximalists and pragmatists. By labeling these proposals as attacks, Saylor is drawing a line in the sand — one that could influence how other large holders and developers approach upcoming discussions.
The debate over Bitcoin's future direction continues, with Saylor's comments adding a high-profile voice to the opposition against base-layer changes. Whether the proposals gain traction remains an open question, but the chairman's constitution analogy is likely to shape the conversation for months to come.
