Phantom Wallet's recent integration of Bitcoin has sparked enthusiasm among cryptocurrency enthusiasts, signaling a significant milestone in the expansion of the digital asset ecosystem. Udi Wertheimer, founder of Taproot Wizards and a prominent figure on Crypto Twitter, contends that Phantom's inclusion of Bitcoin marks the diversification and growth of the overall crypto landscape.
Originally established on the Solana blockchain, Phantom revealed on Wednesday its updated version that supports Bitcoin, Ordinals, and BRC20 tokens. This move follows Phantom's earlier expansion beyond Solana to include compatibility with decentralized applications (DApps) and assets on Ethereum and Polygon. The expansion of Bitcoin's ecosystem in 2023 is notably attributed to the introduction of the Ordinals protocol, facilitating the creation of Bitcoin-based tokens through a process known as "inscriptions."
Phantom CEO Brandon Millman highlighted the wallet's versatility in the evolving crypto landscape, stating, "As crypto continues to go multi-chain, our wallet stands out as the premier choice for users." The announcement underscores the ongoing transformation of the Bitcoin network, which has historically been viewed as separate from the dynamic NFT ecosystems found in platforms like Ethereum and Solana, primarily due to its lack of support for smart contracts.
Introducing: ₿itcoin on Phantom 🟠— Phantom (@phantom) December 20, 2023
You can now buy, sell, trade, transfer, and HODL Bitcoin, Ordinals, and BRC-20 tokens with your favorite multichain wallet.
Here’s what’s to love👇 pic.twitter.com/hmuizc8Ec0
The beta release of Phantom's Bitcoin support is already live, allowing any Phantom wallet holder to activate Bitcoin compatibility within their application settings. Importantly, BTC, Ordinals, and BRC-20 tokens can be seamlessly imported onto the Phantom platform from existing Bitcoin wallets.
In a tweet, Phantom emphasized the foundational role of Bitcoin in the broader crypto space, stating, "Without Bitcoin, there’d be no Solana, Ethereum, or Web3." This sentiment reflects a growing acknowledgment of Bitcoin's centrality in the evolving digital asset economy. Overall, Phantom's expansion to include Bitcoin further reinforces the narrative that Bitcoin is no longer viewed as the "stagnant uncle of crypto" but is actively contributing to and participating in the vibrant and expanding crypto ecosystem.