Today, the Bitcoin network’s unconfirmed transaction queue, or so-called mempool, continues to be crowded. There are currently 280,000 unconfirmed transfers there, which is very far from normal.

You have to pay the equivalent of $1.43 to send a BTC quickly.

At the same time, NFT and BRC20 tokens based on Ordinals continue to become more popular. Today, their total number has surpassed the 8 million unit mark. Consequently, the number of occasions for blockchain congestion to recur in the future is only increasing.

That said, Michael Saylor has previously supported the popularisation of the phenomenon. As he noted in the first half of the month, the emergence of any cool application makes the first cryptocurrency more and more widespread. And it’s really hard to argue with that.

What will happen to NFT on the Bitcoin network

To recap, Ordinals is a project that allows you to “embed” unique information directly into the Bitcoin blockchain, that is into individual smallest indivisible BTC particles or so called satoshis. The main “drawback” of the novelty is that it requires a large number of “rubbish” transactions in BTC, which clogs up the meme and leads to higher fees.

Saylor thinks the Ordinals story could be an interesting case study in innovative application development. In addition, MicroStrategy itself supports the initiative and allows its own involvement in app development. Exactly how that will happen, Michael did not elaborate. However, he did share this quote from Decrypt.

The very idea of burning a piece of data into a blockchain opens up the possibility of destroying a digital signature, registration, or hash of a certain document.

The capabilities of Ordinals even allow the creation of individual tokens on the Bitcoin blockchain without any additional second-tier solutions. We’re talking about the so-called BRC-20 standard, developed by an anonymous cryptocurrency enthusiast nicknamed Domo in March 2023. The concept has become so popular that thousands of such tokens have already been created by now.

We have clarified the current data: today, the total capitalisation of BRC20 tokens is the equivalent of $614 million. At the same time, the trading volume with them in the last 24 hours reached 207 million. Accordingly, the popularity of this phenomenon among Bitcoin fans is quite high.

The popularity of NFT and BRC-20 results in higher commissions and increased income for miners, but it also makes the Bitcoin network more expensive for the average person to use. However, Sailor believes that the benefit to miners is also a long-term factor in the stability and development of the crypto market. On top of that, Ordinals can attract more investors and developers to the BTC ecosystem.

Again, Saylor didn’t specify exactly what uses MicroStrategy might be considering for the project. He only noted that digital signatures within the Bitcoin blockchain could gain traction in many areas of life. One example he cited was DocuSign, which is among the leaders in providing digital signature services for large corporations.

The main drawback of its offerings to customers is that they have to rely on a third centralised party to sign any documents. With Bitcoin and Ordinals, this process could be made fully decentralised. However, the same is already true for other blockchains.

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More global plans for digital assets were shared by Bittrex Global exchange CEO Oliver Lynch. The day before he gave an interview to Cointelegraph journalists in which he said that in the next 5-10 years the crypto industry should become a new sphere of traditional finance with its unique advantages.

US and many other regulators around the world view crypto through the lens of regulations and bans designed for traditional financial instruments. However, Lynch believes that such an approach is ineffective in the long term and should be considered a sure-fire failure.

Instead, cryptocurrencies should be a “brand new thing” in the traditional finance space, but still follow the same fundamentals. Here’s a relevant rejoinder from the expert.

You have securities, you have derivatives, you have cryptocurrency. It’s just another component of traditional finance, right?

Lynch, on the other hand, stressed that “the most robust regulatory regimes” are created in countries that do work with “cryptocurrencies on the terms of development of innovative projects”. Something similar will soon be implemented in the European Union – the European Parliament recently adopted MiCA regulations that standardise cryptocurrency controls across the EU.

This week, members of the European Union’s Economic and Financial Affairs Council (EcoFin) unanimously supported the MiCA bill on cryptocurrency regulation. With this in mind, these regulations will become law as soon as this summer, well companies will have to abide by it.


Michael Saylor and MicroStrategy seem to be generally in favour of any method of promoting Bitcoin. And it sounds predictable, because this company managed to invest $4.17 billion in BTC, accumulating 140 thousand coins. This means that the company is interested in the growing demand for the first cryptocurrency, as this will increase its unrealized income. It will become realised if the digital asset giant sells off.