Michael Saylor confirmed that Microstrategy is exploring the hidden opportunities associated with the new crypto trend “Bitcoin ordinals”.
Bitcoin ordinals are a new type of non-fungible token (NFT) created on the Bitcoin blockchain. Casey Rodarmor founded & launched Bitcoin Ordinals in Jan of this year. BRC-20 is an experimental fungible token standard using ordinal inscriptions on Bitcoin. With these technical supports, people can easily mint new tokens & NFTs on the Bitcoin network.
Recently in an interview at the Bitcoin 2023 in Miami, Microstrategy former CEO Michael Saylor spoke with Decrypt and disclosed that Microstrategy firm is not only just aware of the Bitcoin ordinals concept but also trying to drag out potential use cases to push the adoption of Bitcoin network.
Saylor said that the development of applications on Bitcoin’s highly secured blockchain network via the ordinals will help people, firms, and government agencies to use highly secured services.
However, Saylor failed to mention the particular new use case Bitcoin Ordinals, that Microstrategy is planning but shared several use cases like in digital services, which are critical needs in the current era of the internet world.
“The whole idea of burning a piece of data on the blockchain opens the door to the possibility that I might burn a digital signature, or I might burn a registration, or I might burn a hash of a document.”
Earlier this, around a week ago, Saylor described Bitcoin ordinals as a catalyst for Bitcoin adoption, during a PBD Podcast.
Saylor is a Bitcoin maximalist and also his firm’s business is focused to develop business intelligence softwares, so here it is an opportunity for Microstrategy to bring a new use case-based application on Bitcoin but not all the Bitcoin proponents are in support of Bitcoin ordinals.
Because of the Bitcoin ordinals concept, people are creating huge numbers of tokens & NFTs. The high network activity is also acting as a catalyst to push the Bitcoin network gas fees up, so people are not happy with the garbage tokens transactions on the Bitcoin network.