The use of Bitcoin ordinals is growing more popular by the day, following their recent development. And, as per Michael Saylor, a renowned Bitcoin proponent and co-founder of Microstrategy, the latest buzz surrounding the NFT craze, particularly Ordinals, is playing a role in driving Bitcoin adoption.
Saylor believes that the popularity of the Ordinals has made more people interested in cryptocurrency, leading them to explore the potential benefits of investing in Bitcoin.
During the PBD podcast, Michael Saylor addressed the Bitcoin ordinals as a ‘Catalyst’ of Bitcoin adoption. Moreover, Saylor said, Every time someone builds an application that’s cool on Bitcoin, like all the Ordinals and Inscription and whatever that are driving up transaction fees, it’s a catalyst.”
Ordinals inscriptions are a unique way to use Bitcoin nodes to inscribe data onto each “sat,” which creates an ordinal. While similar to NFTs, Ordinals differ in their functionality and provide a new way to utilize the Bitcoin network.
Michael Saylor listed various factors that have contributed to the widespread adoption of Bitcoin. He cited examples such as bank failure, hyperinflation, regulatory recognition of Bitcoin as a commodity, and signification Bitcoin purchases by companies like MicroStrategy.
In addition, in March, the crypto market witnessed an additional development known as BRC-20 tokens. On the most relevant Bitcoin blockchain, BRC-20 tokens are a prototype token standard inspired by ERC-20. According to reports, the total market value of BRC-20 tokens topped $1 billion Friday night.
Also read: Bitcoin’s BRC-20 Token Standard Market Cap Nears $1B
The increasing popularity of memecoins and Bitcoin Ordinals has led to a surge in Bitcoin transactions, pushing the transaction fees to a two-year high of $9.61 on May 8th.
