Udi Wertheimer claims Phantom’s incorporation of Bitcoin verifies the ecosystem’s wide expansion. On Wednesday, Phantom, a self-custody crypto wallet that started on Solana, revealed it had initiated compatibility with Bitcoin, BRC-20 tokens, and Ordinals.
A group of Bitcoin supporters who attempted to expand the ecosystem of the original cryptocurrency consider this move a breakthrough. The inclusion comes months following Phantom’s expansion past its native Solana to incorporate support for decentralized applications (dapps) and assets on Ethereum and Polygon, a scaling network.
Phantom Wallet Invest in Bitcoin, BRC-20 tokens, and Ordinals Development
This year, Bitcoin’s ecosystem has significantly expanded due to the introduction of the Ordinals protocol. It enhances the generation of Bitcoin-founded tokens and the ‘engraving’ of nonfungible token-like assets.
Wednesday’s statement is just the most recent development in the crypto sector to show the Bitcoin network is becoming critical to the digital asset economy. For a long time, this network has been outside the lively realm of the nonfungible token (NFT) ecosystem, such as Solana and Ethereum, because of the absence of support for smart contracts.
After Phantom’s Tuesday teaser, Udi Wertheimer, Taproot Wizards project co-founder and a famous influencer, claimed the strategy illustrated a considerable validation of Bitcoin’s rise in 2023. In a tweet, he said the moment was emotional for him.
This is because Bitcoin was a joke last year and was labelled crypto’s stagnant uncle. Further, the film industry also found it useless.Udi also said that major exchanges, as well as marketplaces, for instance, OKX, Binance, and Magic Eden, are currently doing Bitcoin inscriptions.
Increase in Demand for Bitcoin-Related Assets
Further, the best Web wallets are also joining. Phantom’s Bitcoin support is present in Beta, meaning Phantom wallet holders can activate Bitcoin compatibility in their application settings.
Also, importing Ordinals, Bitcoin, and BRC-20 tokens from current Bitcoin wallets is possible. In a Twitter post, Phantom claimed that Solana, Web3, or Ethereum would not exist in the absence of Bitcoin. Thus, they will always appreciate Bitcoin and are happy to unveil it on Phantom.
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