The approval of the Spot Bitcoin ETF has been permanently etched into Bitcoin’s history through the use of ordinals. This innovative technology, Ordinals, has become the medium for commemorating significant events, such as the approval of Spot Bitcoin Exchange-Traded Products. SEC Chair Gary Gensler’s statement on the approval was encoded as Inscription 54,114,539 on the Bitcoin blockchain, featuring Gensler’s photo and the date of the letter.
Hailed as a pivotal moment in the crypto world, this commemoration marked the second inscription, with the first being initiated after a deceptive incident where a fake approval tweet was posted, falsely claiming that all thirteen spot Bitcoin ETFs had been approved. The misleading tweet, attributed to the official SEC Twitter account, triggered a sharp decline in Bitcoin’s price from $47.6k to slightly above $45.5k.
The SEC clarified that the tweet was the result of unauthorized access to its official handle and that no agency member was involved in its creation. The SEC is currently collaborating with the U.S. Federal Bureau of Investigation to identify and apprehend the responsible party.
With the impending launch of the first spot crypto ETF trading, attention has refocused on Ordinals, particularly after the introduction of the Jubilee upgrade. This upgrade aims to address concerns related to cursed inscriptions that received negative numbers due to their lack of indexing and recognition by the Ordinal protocol. However, criticisms have emerged, notably from the BRC-20 creator, expressing worries about a centralized split associated with the Ordinals Upgrade.
Bitcoin Ordinals Projects
The fervor surrounding Ordinals has been further intensified by recent developments like the Node Monkes mint and the emergence of Bitcoin puppets. The excitement surrounding Bitcoin Puppets has been likened to phenomena like Beatlemania or the frenzy of a Black Friday TV sale at Walmart. Prominent figures, including Beeple, have engaged in discussions about Ordinals, prompting speculation about what significant developments may follow, with individuals eagerly anticipating the next major drop.
Ordinals, a protocol developed by Casey Rodarmor, operates on the Bitcoin blockchain, opening the floodgates to a wave of Bitcoin-based NFTs. This breakthrough has enabled the trading of a virtually infinite number of tokens on the Bitcoin network.