Bitcoin Bulls Michael Saylor, Adam Back Criticize Ordinals Proposal

Prominent Bitcoin proponents Michael Saylor and Adam Back have publicly criticized the proposed Bitcoin Improvement Proposal (BIP) 110, which aims to introduce changes to the Ordinals protocol. Saylor, the CEO of MicroStrategy, expressed his disapproval via a post on X (formerly Twitter) on June 10, 2024, stating that the proposal would "destroy Bitcoin." He argued that the changes would fundamentally alter the protocol's design and potentially harm its core principles.

Adam Back, CEO of Blockstream and a pioneer in the cryptocurrency space, also voiced his opposition. In a separate post on X on June 10, 2024, Back suggested that BIP-110 could lead to "unintended consequences" and undermine the security and decentralization of the Bitcoin network. He highlighted concerns that the proposal might introduce complexities that could be exploited or lead to unforeseen issues.

The debate surrounding BIP-110 occurs amidst a broader decline in Ordinals transaction activity. Data indicates a significant downturn in the number of Ordinals transactions over the past two years, suggesting a potential cooling of interest in the protocol. Despite this trend, the proposal has ignited a strong reaction from key figures within the Bitcoin community, underscoring the sensitivity around changes to the network's underlying technology.

BIP-110 is intended to enhance the functionality and user experience of the Ordinals protocol, which allows for the inscription of data onto individual satoshis, the smallest units of Bitcoin. However, critics like Saylor and Back believe the proposed modifications are too drastic and could introduce vulnerabilities or deviate from Bitcoin's established principles. The strong opposition from influential figures like Saylor and Back suggests that BIP-110 faces significant hurdles to adoption within the Bitcoin ecosystem.