X, Tesla and SpaceX owner Elon Musk has criticized NFTs and highlighted the inherent characteristics of Ordinals, which are inscribed on the Bitcoin blockchain. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Elon Musk talks about ordinal inscriptions in Bitcoin
📍During the podcast The Joe Rogan ExperienceElon Musk publicly said that NFTs “aren’t even on the blockchain.” The billionaire, owner of X, one of the most influential social networks in the world, and other companies such as Tesla and SpaceX, publicly explained the value of Ordinals, stressing that he is optimistic about this innovation.
Musk's comments have caught the attention of the broader crypto community, not only because of his criticism of NFT tokens or his public recognition of ordinal inscriptions, but also because this innovation is being developed on the Bitcoin blockchain.
Musk has previously criticized Bitcoin for its energy consumption, to the point of reversing his decision to accept the cryptocurrency as a payment method at his company Tesla. However, his recent comments seem to be a show of support for the blockchain network, which is increasingly using clean energy to remain operational.
Zach Meyer, co-founder of Ord.io, he highlighted the importance of Musk’s comments. “We want our content to be on the network.”
At the time of writing this article, a total of 1,000 have been recorded. 36.986.306 ordinal registrations on the Bitcoin blockchain.
Ordinals allow users to embed data as inscriptions into this blockchain. It is a protocol that was introduced by Casey Rodarmor in 2022 and launched in January of this year, becoming one of the biggest innovations of the network, which is increasing functionality and unlocking new use cases for Bitcoin.
Even Peter Schiff, a Bitcoin skeptic, recognized the value of ordinals, launching an art project based on the protocol alongside artist “Market Price” in late May.
Bitcoin's safe haven narrative continues
📍Fidelity's Jurrien Timmer says Bitcoin is “exponential gold.” Fidelity's global macro director believes Bitcoin mirrors many of the same valuable attributes as gold and the cryptocurrency could act as a safe haven asset in times of crisis.
Timmer has joined the list of experts who have recently highlighted Bitcoin's characteristics as a safe haven asset.
Just like reported According to Mohamed A. El-Erian, an economist and advisor to Allianz, Bitcoin has become a safe haven asset, trusted by more investors and individuals around the world.
Ethereum “intrigues” investors
📍Apart from Bitcoin, Ethereum is also one of the digital assets that is capturing the attention of investors. In fact, according to fund manager Hashdex, the cryptocurrency created by Vitalik Buterin presents “an intriguing opportunity for investors,” which is being driven by the positive evolution that the cryptocurrency has had in terms of development and by its net deflationary tendency. Both are factors that contribute to increasing the long-term value of ETH, manifested Hashdex.
Continue reading: How many bitcoins are already in circulation on the market?
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
