Gensler’s ‘Compromised’ Bitcoin ETF Tweet Becomes an Ordinals NFT Masterpiece
In a surprising turn of events, the infamous fake tweet that rocked the world has now been immortalized on the Bitcoin blockchain. After the U.S. Securities and Exchange Commissioner, Gary Gensler, confirmed that the regulatory agency’s Twitter account was compromised and used to spread false news about the approval of a spot Bitcoin ETF, a digital artist named Billy Restey seized the opportunity to preserve Gensler’s response as an Ordinals Inscription.
“Just so we don’t forget, this tweet has been immortalized on Bitcoin forever,” Restey proudly tweeted, along with a link to the NFT artwork.
On that fateful Tuesday, the official SEC Twitter account erroneously announced the approval of thirteen spot Bitcoin ETFs, causing pandemonium in the crypto market. It was soon discovered that the tweet was nothing but a fabrication, leading to a sharp drop in Bitcoin’s price. However, amidst the chaos, the Ordinals inscription of Gensler’s response by Restey stands as a testament to the power of blockchain technology.
Since its debut in January of last year, the Ordinals protocol has witnessed the creation of over 53 million inscriptions, with Restey’s rendition of Gensler’s tweet marking the 53,995,422nd addition to this growing collection. While Restey has remained tight-lipped about his creation, the art world is abuzz with anticipation, eager to hear his thoughts on this groundbreaking artwork.
Ordinal inscriptions have often been compared to Ethereum-based NFTs, but with a unique twist exclusively tailored for the Bitcoin blockchain. With advancements like Taproot in the Bitcoin protocol, enthusiasts have embraced the versatility of these inscriptions, adopting them to immortalize everything from images and texts to even iconic video games such as the legendary Doom. In fact, just recently, an emulator of the classic Super Nintendo Entertainment System found its place on the Bitcoin blockchain, courtesy of Ninjalerts.
Speculations surrounding the origin of the fake tweet have raised intriguing possibilities, with some theorizing that an SEC “intern” may have accidentally posted it. However, in response to Decrypt’s inquiry, an agency spokesperson firmly denied any involvement from the SEC and its staff.
The timing of this incident couldn’t be more dramatic, as the financial world anxiously awaits the SEC’s decision on approving a spot Bitcoin ETF. Numerous proposals, including those from industry giants like BlackRock, Fidelity, Bitwise, and VanEck, are currently awaiting the green light to commence trading.
In fact, VanEck CEO Jan van Eck has even hinted that Bitcoin ETF trading may commence as early as Thursday, adding an extra layer of anticipation to the already charged atmosphere. The fake tweet has undoubtedly added fuel to the fire, reminding everyone of the importance of securing their accounts in this increasingly digitized financial landscape.
Gary Gensler himself took to Twitter to caution investors about the significance of safeguarding their financial accounts and protecting against identity theft and fraud. In a post following the incident, he urged individuals to utilize strong passphrases or passwords, enable multifactor authentication, and keep account alerts turned on, highlighting October as Cybersecurity Awareness Month.
Interestingly, Gensler’s tweet on Tuesday mirrored a statement from the preceding Monday, wherein he warned investors about the prevalent risks of scams in cryptocurrency. He pointed out that fraudsters continue to exploit the growing popularity of crypto assets to deceive unsuspecting retail investors, citing pyramid and Ponzi schemes and the rampant theft targeting cryptocurrency wallets as some of the primary concerns.
As the dust settles from this shocking event, the Ordinals NFT capturing Gensler’s response to the fake tweet serves as a symbol of resilience and the indomitable spirit of the Bitcoin community. It stands as a reminder that, despite temporary setbacks, the blockchain technology powering cryptocurrencies will continue to forge new frontiers and defy all odds.