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Joe Burnett highlights that contentious soft forks in Bitcoin require significant support to become active. He points out that BIP-110 currently has about 1% voluntary miner signaling, which is insufficient for activation.
According to Burnett, even if a soft fork seems poised to activate, it must also avoid being rejected by users. His comments underscore the complex process and potential hurdles involved in activating contentious updates within the Bitcoin network.
Burnett has previously described Bitcoin as a protocol that surpasses companies, individuals, and governments, fundamentally changing interactions with money and technology, according to a recent analysis. He has also compared the structure behind Strategy’s BTC and STRC holdings to past collapse-era setups, noting key differences in asset backing in a separate report. These observations provide context for his current views on upgrade processes within the Bitcoin network.