MetaMask, the widely-used self-custodial hot wallet, is planning to introduce support for Bitcoin, according to a report by CoinDesk. Citing sources familiar with the matter, the report suggests that the wallet provider aims to roll out Bitcoin support within the next month, though these plans are subject to change. Initially, Bitcoin features may be limited but are expected to expand over time.

This move represents a significant expansion for MetaMask, which has predominantly supported Ethereum, Ethereum Layer 2s, and networks compatible with the Ethereum Virtual Machine (EVM) such as Avalanche, Polygon, Optimism, and Arbitrum. In September 2023, MetaMask had already broadened its scope beyond the Ethereum ecosystem by introducing Snaps, a type of JavaScript application.

MetaMask has consistently been the most popular digital wallet, boasting 22 million downloads as of August 2023. The developers have continuously added new features to enhance user experience, including Blockaid-based security alerts for various blockchains, Ethereum validator staking, and tools to check eligibility for airdrops and NFT claims.

The integration of Bitcoin, the world's most popular blockchain, would significantly enhance MetaMask's utility and appeal, potentially attracting a broader user base. This development follows MetaMask's pattern of innovation and expansion within the blockchain space.

Consensys, the core developer behind MetaMask, has also been active on the financial and regulatory fronts. In March 2022, the company raised $450 million in Series D funding led by ParaFi Capital, resulting in a $7 billion valuation. Recently, Consensys filed a lawsuit against the Securities and Exchange Commission (SEC) in late April over the regulator's ambiguous stance on whether ether is classified as a security and its jurisdiction over the asset's regulation. This followed the issuance of a Wells notice by the SEC, indicating its intent to pursue legal action against Consensys.

As of May 22, Bitcoin was trading at $70,240 at 12:45 p.m. ET (16:45 UTC), with the Bitcoin network recording 14.48 million transactions in April, according to The Block's Data Dashboard.

The anticipated support for Bitcoin on MetaMask could further solidify the wallet's position as a comprehensive tool for managing digital assets across various blockchains, reflecting the ongoing evolution and integration within the cryptocurrency ecosystem.