Bitcoin maximalist Saylor says early use of BRC-20 could be ‘illegal’

Bitcoin maximalist Saylor says early use of BRC-20 could be ‘illegal’


business mogul Michael Saylora celebrity Bitcoin BTC/USD Maximalist and co-founder of MicroStrategy Inc MSTRrecently expressed his opinion on Bitcoin ordinal numbersa development that he sees positively.

What happened: Despite its potential use in a variety of applications, Saylor believes that many of Ordinals’ early use cases are “not particularly serious” and are rather speculative.

Ordinal numbers are inscriptions that function similarly to NFTs or non-fungible tokens primarily found on the website ether ETH/USD Network. Captions allow the inclusion of arbitrary and non-financial information, such as images, on the Bitcoin blockchain. On the other hand, BRC-20 stands for Please comment on bitcoinand is an experimental framework developed to create fungible tokens on Bitcoin using the Ordinals protocol.

See more: The art of the future: Lisa Ray’s TheUpsideSpace puts NFTs in the spotlight

Why it matters: Saylor, in an interview with Decrypt, warned against abusing the use of these fungible tokens: “If BRC-20 tokens are considered fungible tokens to issue unregistered securities, there are many objections to it because it’s unethical.” It is illegal. And you can’t blame the community for protesting against it.”

However, Saylor states that there is no problem with BRC-20 tokens if they are issued and regulated in a legal and ethical manner. He emphasizes that the key lies in the perception and purpose of the tokens, such as his idea of ‚Äč‚Äčtokenizing stocks and ETFs that trade on the NASDAQ. This would allow investors to take personal control of their shares instead of leaving them to a central custodian.

Price promotion: At the time of writing, BTC is trading at $27,343.78, up 2.26% over the past 24 hours. according to Benzinga Pro.

Continue reading: Bitcoin, Ethereum and Dogecoin fall after Powell’s dovish comments: Trader predicts cryptocurrency king to hit $300,000

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