Samson Mow, CEO of JAN3, expressed his skepticism about the future of Bitcoin Ordinals and BRC-20 tokens. In a recent interview, he predicted their swift disappearance in the coming months. He attributes this demise to unsustainable transaction fees paid to Bitcoin miners and the congestion of the Bitcoin network resulting from these activities.
“Bitcoin Ordinals and BRC-20 tokens are creating a bubble that will soon burst,” Mow warned, revealing his outlook on these crypto tokens.
“The high transaction fees that go directly to Bitcoin miners cannot be maintained, and this model will collapse sooner than many believe – we’re talking months, not years.”Samson Mow, CEO of JAN3
Bitcoin Ordinals and BRC-20 are cryptographic technologies that facilitate the minting of fungible and non-fungible tokens (NFTs) on the Bitcoin blockchain. The increased activity around these technologies has led to a surge in transaction fees, which in turn has resulted in severe congestion of the Bitcoin network.
While a considerable section of the Bitcoin community views this as a potential boost for Bitcoin adoption, Mow dismisses it as mere spam congesting the network. He likened these activities to “short-term money grabs” found on rival platforms such as Ethereum and Solana.
“Too many are focusing on quick profit opportunities, which in the long run, won’t lead to the mass adoption of Bitcoin,”Samson Mow, CEO of JAN3
Mow believes that the true potential of Bitcoin lies not in “people minting JPEGs and sticking them in the chain,” but in its utility as a savings technology and a means of exchange.
Experts’ Opinion On Bitcoin Ordinals And BRC-20 Tokens
The CEO’s candid take on Bitcoin Ordinals and BRC-20 tokens provides a counterpoint to the current enthusiasm surrounding these technologies. It raises critical questions about the long-term sustainability of such innovations within the cryptocurrency sector and their actual contribution to the adoption and practical use of Bitcoin.
With Bitcoin currently trading at ~$27,000, the market is keenly watching these developments. Whether Mow’s predictions come to fruition or serve as a wake-up call to those diving headfirst into these cryptocurrencies will unfold in the coming months.