The latest episode of SlateAsia introduced collectively distinguished voices within the area 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 affect of Ordinals on Bitcoin’s community and future.
Bitcoin ETF Rejection: A Market Catalyst?
Nate highlighted an article by Matrixport suggesting that Bitcoin might attain $50,000 shortly. Nonetheless, 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 traders, indicating a bullish stance on Bitcoin.
Ordinals: A brand new frontier for Bitcoin?
The dialogue shifted to Ordinals, a novel characteristic on the Bitcoin blockchain. Jason supplied a historic context, tracing the evolution from early makes an attempt at NFT-like options on Bitcoin, resembling colour cash, to the latest resurgence of curiosity via Ordinals.
He emphasised the importance of this growth, marking a departure from Bitcoin’s conventional use case of buying and selling and hypothesis to a platform the place modern functions will be constructed.
Jason articulated why a developer may choose to construct on Bitcoin over Solana or Ethereum:
“When you imagine that Solana or Ethereum is quick sufficient and also you care extra about velocity and costs [than security], then it’s best to NOT be constructing on Bitcoin. Bitcoin is probably the most safe community.”
Affect of Ordinals on Bitcoin’s community
Liam raised considerations in regards to the rising mempool dimension and rising transaction prices on Bitcoin’s community because of the reputation 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 throughout the Web3 funding panorama, the place retail traders usually precede VCs in minting and buying new tasks.
The longer term 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 resolution for Ordinals within the close to time period, arguing for the distinctive worth proposition of Bitcoin’s safety and robustness over velocity 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 via developments like Ordinals.
This sentiment displays a rising recognition of Bitcoin’s evolving position within the digital asset area, past only a buying and selling asset to a platform for innovation and safe digital possession.
