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Michael Saylor, the co-founder of Bitcoin’s (BTC) largest holder MicroStrategy recently addressed the effect of Ordinals on BTC mining as well as the power of inscription. He mentioned that the craze surrounding Ordinals has served as a catalyst for BTC adoption so far. Saylor disclosed his stance during a podcast with Patrick Bet-David of PBD Podcast.
“Every time someone builds an application that’s cool on Bitcoin, like all the Ordinals and inscriptions and whatever that are driving up transaction fees, it’s a catalyst,” the MicroStrategy co-founder explained.
I stopped by @PBDsPodcast this morning to discuss currencies, crypto, politics, #bitcoin, banking, macro, money, and the media with @patrickbetdavid. https://t.co/IctlB4l7gN pic.twitter.com/e6ljbGM124
— Michael Saylor⚡️ (@saylor) May 9, 2023
At the same time, he talked about other similar catalysts of adoption amongst which he highlighted bank failures, hyperinflation, as well as the trend of regulators referring to an asset as a commodity.
Saylor gave an illustration of “a company like Microstrategy buys another $100 million worth of Bitcoin”, according to him, this could be another catalyst.
Based on a CoinGape published description, “Bitcoin Ordinals are digital assets written on a Satoshi, the smallest Bitcoin unit (BTC). This strategy allows users to make Non-Fungible Tokens (NFTs) on the Bitcoin blockchain.”
They are thought to enforce an extra layer of security and also help BTC transactions become more centralized.
In addition, users can mint NFTs with the Ordinals protocol. BTC Ordinals work based on a theory that states that “satoshis are the smallest unit that can identify and trade BTC individually.” This is bearing in mind that one BTC is equivalent to 100 million sats (BTC).
Top Crypto Firms Gives Support to Bitcoin Ordinals
Last month, cryptocurrency exchange OKX introduced the Ordinals to its wallet and on the OKX NFT marketplace.
Consequently, this made OKX the first multi-chain platform to facilitate the viewing and transferring of BTC Ordinals on its platform. Compared to before when one could only manage separately via a single wallet, OKX customers can now import their BTC wallets and view their Bitcoin ordinals through a single wallet.
Haider Rafique, the Chief Marketing Officer at OKX stated, “We had to move fast to welcome the ordinals community and give them an easy way to store, manage, and soon mint ordinals within our wallet services. I hope this integration helps bring more people in to play with this new utility and discover new possibilities on top of Bitcoin.”
Global leading cryptocurrency exchange Binance has also hinted at plans to support BTC Ordinals as it seeks to collaborate with more NFT projects.
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