The latest episode of SlateAsia introduced collectively distinguished voices within the house to debate the tumultuous begin of 2024 for Bitcoin and the rising curiosity in Ordinals.

The podcast featured Liam Wright, Senior Editor of CryptoSlate, Nate Whitehill, the CEO of CryptoSlate, and Jason Fang from Sora Ventures. Their dialog centered on the SEC’s potential rejection of the Bitcoin ETF and the impression of Ordinals on Bitcoin’s community and future.

Bitcoin ETF Rejection: A Market Catalyst?

Nate highlighted an article by Matrixport suggesting that Bitcoin may attain $50,000 shortly. Nevertheless, the narrative modified quickly, with a subsequent report predicting the SEC’s rejection of the Bitcoin ETF, contributing to market volatility.

Jason, expressing a long-term funding perspective, noticed the worth drop as a possible entry level for buyers, indicating a bullish stance on Bitcoin.

Ordinals: A brand new frontier for Bitcoin?

The dialogue shifted to Ordinals, a novel function on the Bitcoin blockchain. Jason supplied a historic context, tracing the evolution from early makes an attempt at NFT-like options on Bitcoin, equivalent to coloration cash, to the latest resurgence of curiosity by Ordinals.

He emphasised the importance of this improvement, marking a departure from Bitcoin’s conventional use case of buying and selling and hypothesis to a platform the place progressive functions might be constructed.

Jason articulated why a developer may favor to construct on Bitcoin over Solana or Ethereum:

“Should you consider that Solana or Ethereum is quick sufficient and also you care extra about pace and charges [than security], then you must NOT be constructing on Bitcoin. Bitcoin is essentially the most safe community.”

Influence of Ordinals on Bitcoin’s community

Liam raised issues concerning the rising mempool dimension and rising transaction prices on Bitcoin’s community as a result of recognition of Ordinals. Whereas acknowledging these challenges, Jason identified the elevated community safety and profitability for miners as potential upsides.

He additionally highlighted the shift in dynamics inside the Web3 funding panorama, the place retail buyers typically precede VCs in minting and buying new tasks.

The long run panorama of Bitcoin and Ordinals

Jason expressed optimism about the way forward for Ordinals, seeing them as a catalyst for a brand new wave of innovation and funding within the Bitcoin ecosystem.

He rejected the necessity for a layer-2 answer for Ordinals within the close to time period, arguing for the distinctive worth proposition of Bitcoin’s safety and robustness over pace and effectivity.

Conclusion: A bullish outlook for Bitcoin and web3

In conclusion, the podcast emphasised a bullish outlook for Bitcoin, fueled by the potential approval of a Bitcoin ETF and the basic worth and real-world use instances rising by developments like Ordinals.

This sentiment displays a rising recognition of Bitcoin’s evolving position within the digital asset house, past only a buying and selling asset to a platform for innovation and safe digital possession.