MicroStrategy chief signals interest in Ordinals

MicroStrategy founder Michael Saylor said that the company not only knows about Ordinals, but is also interested in using the protocol to build applications. The head of the firm spoke of this in an interview with Decrypt.

In his view, Bitcoin-NFT technology potentially fosters innovation in the digital asset market.

Saylor noted that the buzz around Ordinals is necessary, as ‘Bitcoin miners must reap benefits in the long term.’ He also added that developing applications based on the first cryptocurrency’s functionality could contribute to broader adoption of the asset among influencers, companies and governments.

The executive did not specify which exact use cases MicroStrategy is considering. However, he explained that the ability to record data on the blockchain, not tied solely to transactions, has many potential applications.

‘Currently, companies have weaker security than Bitcoin. […] Ordinals could provide a new level of protection that did not exist before’, added Saylor.

However, the head of MicroStrategy acknowledged that the technology is used for ‘a multitude of foolish reasons’.

Earlier the company presented a rewards service based on the Bitcoin micropayments network Lightning Network.

Earlier in May, Bitcoin Core developer Luke Dash Jr. proposed to ‘ban’ the BRC-20 and Ordinals tokens. In his view, such an approach would help ‘weed out’ the transactions associated with the technology, which he described as ‘garbage’.