You may have heard of BRC-20 tokens, Inscriptions and Ordinals. Basically, someone found a way to make tokens and NFTs on the Bitcoin blockchain. But these BRC-20 tokens are absolutely taking off in China right now.
The post on X is a video of a bunch of middle-aged Chinese citizens, learning how to buy and trade these tokens. You can also see from the banner in the video, they are specifically talking about BRC-20 tokens.
Read: Ordinals Stage A Comeback Driving Up Bitcoin Transaction Fees
BRC-20 Seems To Be A Massive Narrative In China
Mac (@MacnBTC), a popular cryptocurrency influencer on X said, “One of my Chinese best friends sent me this video. 70+ year old grandmas in China learning how to buy and trade BRC20. This is why Binance have listed two BRC20 assets already and I think they will continue. Ordinals are crazy hyped in China.”
He added, “If you buy now, chances are high you are getting dumped on by a Chinese grandma.”
Crypto YouTuber Lark Davis (@TheCryptoLark) also commented on this recent situation, saying, “FYI, Chinese grandmas & villagers bought $ADA in 2020 before its 50x rally. Don’t fade Chinese grandmas.”
Now, I do not know if Davis’ statements are true, and that he could be wrong. But one thing I do want to point out here is that early on in this year, there was a massive narrative around China and what coins Chinese people will buy. And that actually caused a few coins that Western people thought Chinese people would buy to explode, such as Conflux (CFX), a Chinese-made layer one blockchain, that just did a 20x at the start of 2023.
But that entire narrative may have been predicted by one of the most followed traders in Crypto Twitter, GCR (@GCRClassic), who tweeted this out since January of 2023, “I believe China, (and Asia in general) will fuel the next run. It will take quite some time to melt Western cynicism towards this space, but the East is ascending and yearning to flex.”
Read: BRC20, SRC20, ORC20 & More: The Information You Need To Get Up To Speed
Final Thoughts
If China does open up to crypto more and more over the coming months and years, then Ordinals might become the NFTs of China in the next bull market, otherwise, it will be just a short term fad that will die off in a few months.
You can find some more info on BRC-20 tokens by looking at crypto websites like CoinMarketCap and Magic Eden, which have a full category on BRC-20 tokens on the Bitcoin blockchain.
With that said, but because BRC-20 tokens are still new and incredibly volatile, I am not telling you to buy these as they are going up — I am just reporting that there seems to be a bunch of Chinese hype behind these tokens. So, please do your own extensive research on the matter before investing in it.