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Bizarre Week in Crypto: $66,000 Spent to Inscribe Secret Message on Bitcoin

Bitcoin Mempool Clogged With Over 560K Unconfirmed Transactions Amid Search for Rare Sats

Peculiar occurrences have unfolded just one week into 2024. In a bizarre turn of events within the crypto industry, an anonymous wallet spent 1.5 BTC to inscribe encrypted data onto the Bitcoin blockchain.

Through 332 transactions, the wallet exhausted BTC equivalent to $66,000 at current market prices, embedding nearly 9 megabytes of encrypted data into the blockchain.

Is this just a coincidental burst of activity, or is there a deeper motive at play? With the anticipation of a potential Bitcoin ETF launch looming on the horizon, some wonder if these incidents have been strategically designed to add more hype to the already fervent sentiment in the market.

ChatGPT Fails to Decode Inscription on Bitcoin

The X account of Ordinals explorer Ord.io shared the update, sparking a flurry of jokes and speculative discussions among users who were left wondering the motives behind such actions.

The ownership of the wallet responsible for the move is still not known. The Bitcoin address labeled “bc1pnp…zwd0th” remains ominously titled “Unnamed” on Ord.io.

It is important to understand that Inscriptions on Bitcoin can never be erased, and the latest encrypted data itself adds another layer of mystery, incorporating a blend of English, Greek, and mathematical symbols – which even ChatGPT failed to decrypt.

The possibility of US residents investing in Bitcoin through their brokerage like a traditional stock has sparked renewed excitement in the community, leading to a surge in crypto prices. Several major investment firms, such as BlackRock, Grayscale, VanEck, and Fidelity, are in line to introduce a spot Bitcoin ETF in the country.

Hence, the inscriptions on the blockchain have fueled speculation, raising questions about whether these are deliberate attempts to generate attention and excitement in the lead-up to potential industry-shifting events like the introduction of a spot Bitcoin ETF.

Bitcoin Transaction to Satoshi Nakamoto’s Genesis Wallet

Coincidentally, this revelation follows closely on the heels of another event where an unidentified user sent 26.9 BTC, valued at a staggering $1.17 million, to the Genesis wallet – the very first created on the Bitcoin network by Satoshi Nakamoto.

This particular transaction has fueled curiosity and speculation within the space, as the likelihood of recovering the funds remains uncertain. Experts also speculated whether Nakamoto had woken up from a decade-long slumber.

No transactions have transpired from wallets associated with Nakamoto, including the Genesis wallet, since Nakamoto’s disappearance in December 2010. There remains the possibility that Nakamoto still possesses the private keys for these wallets, retaining control over the funds.

The recent transaction increased the balance to 99.67 Bitcoin, equivalent to approximately $4.3 million.