What to know:

• Grassroots support is gaining momentum for two Bitcoin Improvement Proposals (BIPs), BIP 119 and BIP 348, which may be included in Bitcoin’s forthcoming soft fork.
• These proposals aim to introduce innovative methods of scripting in Bitcoin, with explicit backing from several developers, enhancing self-custody, fee management, and existing technologies such as Lightning, Ark, and contract-based applications.
• The implementation of a Bitcoin soft fork necessitates consensus among key stakeholders, including developers, custodians, investors, and miners, who indicate support through changes in their mined blocks.

Emerging grassroots backing for BIPs 119 and 348 is notable as Bitcoin approaches a pivotal soft fork aimed at improving its code.

BIPs are critical frameworks for proposing modifications to Bitcoin’s structure. The acceptance of these proposals could lead to significant changes in the Bitcoin landscape, contingent on widespread agreement from the community.