In a “21 and 21” rapid-fire interview with Haley Berkoe at San Francisco’s Presidio Bitcoin workspace, Jack Dorsey—CEO of Block and former Twitter chief—cautioned that BTC’s growing popularity among major financial institutions could threaten the open ethos that gave rise to the world’s largest cryptocurrency.
“It probably harms it a bit,” Dorsey said when asked about institutional investment in Bitcoin. Yet he acknowledged that large-scale involvement is practically inevitable, adding, “I think it’s obvious that we’ll see more of it, and I hope that more people take on the principles of what made Bitcoin successful in the first place.”
Speaking on the emergence of institutional giants like BlackRock, Dorsey emphasized the permissionless nature of Bitcoin: “To be able to work on a money transmission protocol that’s entirely open […] that has converted the likes of a BlackRock or these major institutions that we railed against in the past—and now they have to turn their attention to it—and yet you still don’t need their permission to build on it […] where else can you find that?”
Why Bitcoin Could Be At Risk
Dorsey’s comments came during a conversation that spanned everything from his early interest in “the old cypherpunks” to the projects Block is building to strengthen the core infrastructure. He highlighted ongoing work on an “open source mining rig and chipset,” as well as Bitkey, a self-custodial wallet, and Block’s integration of BTC into Cash App.
One of Dorsey’s main concerns is that Bitcoin might end up sidelined if it focuses too narrowly on serving as a store of value. “I think it fails through irreverence—like it just fails to be relevant to people on a daily basis,” he remarked. According to him, ensuring widespread use for payments is key to making BTC indispensable.
“If it just ends up being store of value and nothing more, I don’t think it gains relevance at all. I think it has to be payments for it to be relevant on the everyday,” Dorsey said, warning that otherwise Bitcoin risks “just not showing up in people’s lives” and slipping into obscurity.
A noted Bitcoin advocate, Dorsey nonetheless believes that focusing solely on the Lightning Network—a leading Layer 2 solution—could limit BTC’s evolution. “I think we can do better than Lightning,” he said, clarifying that while Lightning “isn’t bad,” it’s merely one option. “I don’t think we just want to settle with having one Layer 2,” he explained, emphasizing that Bitcoin benefits most from experimentation in payments and other applications.
Dorsey consistently returned to the importance of open-source development, urging companies to fund Bitcoin Core and other community-driven projects without exerting control. “Having some sort of granting ability to open-source developers is important,” he said, praising initiatives such as Spiral—a BTC-focused division of Block—along with independent grant programs like Brink and OpenSats.
He also mentioned the emerging role of artificial intelligence and its interplay with BTC, envisioning a future where agents could seamlessly transact on behalf of users. “It’s all about who you’re asking permission from,” he said. “Development goes faster if you have to ask for less permission.”
The setting for the interview, Presidio Bitcoin, underscores Dorsey’s belief in bringing real-world communities together to foster deeper engagement. “I think this is great because it is a bridge between Silicon Valley and all the energy down there, and Bitcoin,” he noted, highlighting the need for physical spaces where ideas can germinate into tangible projects.
From building more accessible wallets to reinforcing the permissionless nature of Bitcoin, Dorsey sees plenty of work ahead. When asked what single thought he would leave with newcomers, he insisted that nobody should rely on one person’s word—his included—before diving into the space: “Don’t listen to anyone’s single thought about Bitcoin,” he said. “What makes Bitcoin special is it’s permissionless. You don’t need anyone’s permission to build what you want to see.”
At press time, BTC traded at $83,523.
