Michael Saylor, the co-founder and executive chairman of MicroStrategy, has recently become one of the notable Bitcoin maximalists to openly embrace Ordinals. Ordinal inscriptions are similar to NFTs and primarily exist on the Ethereum network. They allow for the inclusion of arbitrary and non-financial information, such as images, on the Bitcoin blockchain. BRC-20, short for "Bitcoin Request for Comment," is an experimental framework that enables the creation of fungible tokens on Bitcoin using the Ordinals protocol.
In recent weeks, Ordinals and BRC-20 tokens have garnered significant attention as transaction fees on the Bitcoin network have soared. This has sparked debates within the Bitcoin community regarding whether the network is under attack and whether these transactions should be subject to censorship.
Saylor discussed Ordinals, BRC-20 inscriptions, and the potential classification of unregistered securities in an interview with Decrypt at the Bitcoin 2023 conference in Miami. Saylor views Ordinals as a positive development for the Bitcoin network, although he acknowledges that many of the early use cases are more speculative than serious.
Bitcoin Frogs, a collection inspired by the Pepe the Frog meme coin trend in the NFT community, has emerged as one of the top-performing Bitcoin Ordinals collections, according to CryptoSlam.
Saylor expressed concerns about BRC-20 tokens being perceived as fungible tokens for issuing unregistered securities, emphasizing the ethical and legal considerations. He believes that if these tokens are issued and regulated in an ethical and legal manner, there should be no issue. The acceptance of such tokens depends on the specific use case and the community's perception.
Saylor considers Bitcoin Ordinals to be a catalyst for adoption and sees economically viable use cases, but he also acknowledges the potential for unethical and imprudent applications.
In line with the philosophy of many Bitcoin enthusiasts, Saylor advocates for allowing the free market to function, enabling individuals to invest in what they believe in and criticize what they consider to be nonsensical, without resorting to censorship.
Despite concerns about unregistered security offerings and resistance from certain segments of the community, Saylor opposes the idea of censoring Ordinal transactions on the Bitcoin network. He believes that modifying the protocol to censor specific transaction types is unnecessary.
In summary, Michael Saylor, the prominent figure in the crypto space, has joined the ranks of Bitcoin maximalists embracing Ordinals. While acknowledging both the potential and risks associated with BRC-20 tokens, Saylor advocates for ethical and legal practices while opposing censorship of Ordinal transactions on the Bitcoin network.
By Mahesh from the Modern Crypto World
