MicroStrategy is Looking into Bitcoin Ordinals: Michael Saylor

As per the recent publications, MicroStrategy co-founder and executive director Michael Saylor stated in an interview at Bitcoin 2023 in Miami that the business is not only aware of Ordinals, but is also interested in the possibility that the system that has enraged the Bitcoin community might lead to software innovation. 

MicroStrategy Continues to Invest in Bitcoin

Saylor noted that the software business is looking into Ordinals and evaluating its possibilities for developing applications. 

Because “Bitcoin miners have to be successful over the long term,” Saylor went on to say that the creation of apps based on Bitcoin’s capabilities might boost the coin’s general popularity among individuals, businesses, and governments.

A Wide Range of Possible Uses

Saylor did not specify instances of use MicroStrategy would be investigating using Ordinals, however he did highlight that the ability to add data to Bitcoin’s blockchain which is not only connected to transactions, offers a wide range of possible uses. 

“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,” Saylor noted.

MicroStrategy’s BTC Purchases

Saylor’s remarks came less than a week after describing Ordinals as a “catalyst” for the acceptance of Bitcoin on the PBD Podcast. Notably, executive chairman Saylor’s MicroStrategy has nearly 140,000 BTC.

What are Bitcoin Ordinals?

Ordinals, which are frequently used to construct NFT-like properties, first appeared in January, and the protocol’s introduction, although hardly accepted by the Bitcoin community, has sparked a fresh wave of innovation with Bitcoin. 

An exploratory scheme for generating coins on top of Bitcoin is one recent development in the area that leverages Ordinals. It is noteworthy that Binance, the world’s largest cryptocurrency exchange, has recently announced that it will allow Bitcoin Ordinals on its NFT marketplace by the end of May 2023.