Michael Saylor, co-founder and executive chairman of MicroStrategy, has emerged as a champion of the Bitcoin protocol Ordinals. Over the last couple of weeks, Ordinals have been making headlines in the crypto space due to the skyrocketing transaction fees, kicking off many debates over the Bitcoin network. At the Bitcoin 2023 conference, Saylor discussed Ordinals’ potential for software innovation while acknowledging speculative use cases. This is in sharp contrast to some of the top-performing Bitcoin Ordinals collections, such as Bitcoin Frogs, which is a spin-off of the “Pepe the Frog” meme coin craze that has taken the NFT community by storm.
Importance of Ethical Regulation in Tokenization of Assets
Saylor also believes Ordinals raise many ethical questions, particularly when it comes to the idea of tokenizing stocks and ETFs for individuals to be able to take their own custody, something which he found could be viewed as unethical if not regulated in an ethical and legal manner. He emphasizes the importance of presentation, saying that if it’s presented in a certain way, Bitcoiners would strongly support it.
Saylor opposes censoring Ordinal transactions on the Bitcoin network, despite community pushback. Saylor supports a free market approach, allowing criticism without censorship or the stifling of ideas. In clear terms, he states his stance: “Should we modify the protocol to censor transactions? My answer is no.”
Emerging Innovations as Catalysts for Bitcoin Adoption
But it isn’t all criticism and censorship in the Bitcoin world. Saylor believes that the development of Bitcoin-based applications will increase adoption and enhance security for businesses. He specifically spoke to the possibility of using Bitcoin to store data that isn’t related to transactions, such as digital signatures, registrations, or hashes of documents, taking the example of DocuSign, which currently lets businesses and individuals send and sign agreements securely but this way makes them reliant on a proprietary database.
Saylor stresses the importance of discussing Ordinals for long-term success and suggests application development as a means. He also stated that emerging innovations, like Ordinals, are a way to introduce Bitcoin adoption and are “catalysts” for that.
Opposing Censorship and Advocating Organic Growth
In conclusion, Michael Saylor embraces Ordinals but emphasizes the importance of ethical and legal presentation. He opposes censorship and advocates for the organic growth of the Bitcoin network guided by its users. And sees the Ordinals protocol as a catalyst for software innovation and a means to enhance security. He envisions widespread Bitcoin adoption by individuals, firms, and governments, leading to long-term success for Bitcoin miners.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.