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SEC Chair Gary Gensler's “Misleading” Tweet Immortalized On Bitcoin Ordinal Forever
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SEC Chair Gary Gensler’s False Tweet Immortalized On Bitcoin Ordinal Forever

  • The false Spot BTC ETFs Tweet from the US Securities and Exchange Commission (SEC) X account has been immortalized on Bitcoin Ordinal.

The Bitcoin community was abuzz following a compromised tweet from the Securities and Exchange Commission’s (SEC) X account, which falsely declared the approval of all thirteen spot Bitcoin ETFs. 

Fake Spot BTC ETFs Approval

 

Following official confirmation that no such approvals had been granted, the price of Bitcoin saw a sharp dip.

SEC Commissioner Gary Gensler addressed the misleading tweet, affirming the account’s breach. 

A digital artist known as Billy Restey took to immortalizing Gensler’s statement on the Bitcoin blockchain. “Just so we don’t forget, this tweet has been immortalized on Bitcoin forever,” Restey tweeted.

Bitcoin’s value plummeted from $47,680 to slightly above $45,500 as the initial fake news spread, causing considerable market volatility.

See Also: SEC Chair Gary Gensler Reveals SEC Account Hacked, No Approval For Spot BTC ETFs Yet

With over 53 million Ordinal inscriptions to date—introduced in January—the Gensler tweet, replicated by Restey, stands as inscription number 53,995,422.

Bitcoin enthusiasts are leveraging the increased functionality provided by a recent update known as Taproot to create and embed various types of digital content directly into Bitcoin transactions. 

This is somewhat like the way Non-Fungible Tokens (NFTs) work on the Ethereum blockchain. They’re doing this by encoding unique data—such as pictures and written text—into Bitcoin transactions.

These encoded items, while not NFTs in the traditional sense, demonstrate the creative use of Bitcoin’s expanded capabilities since the Taproot upgrade, which has enhanced both its efficiency and privacy features. 

At the time of publishing, BTC was trading at $45,635 down over 1.26% in the last 24 hours, according to Coinstats.

BTC Price Chart | Source: Coinstats

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.