Jack Dorsey, co-founder of Twitter and CEO of Block Inc., has warned that Bitcoin could face failure if it doesn’t become a widespread payment method.
His comments challenge the popular view of Bitcoin as “digital gold.”
Dorsey Pushes For Everyday Use
Speaking on the Presidio Bitcoin podcast last week, Dorsey stressed that Bitcoin needs to work as more than just a store of value:
“I think it has to be payments for it to be relevant on the every day,” he told host Haley Berkoe. “Otherwise, it’s just something you kind of buy and forget and only use in emergency situations or when you want to get liquid again.”
The tech entrepreneur didn’t mince words about what’s at stake:
“If it doesn’t transition to payments and find that everyday use case, it just gets increasingly irrelevant. And that’s failure to me,” he said.
Return To Original Vision Needed
According to Dorsey, the cryptocurrency has strayed from its initial purpose outlined by its mysterious creator, Satoshi Nakamoto. He urged the Bitcoin community to revisit Nakamoto’s original whitepaper, which described Bitcoin as “a system for electronic peer-to-peer digital cash.”
“There’s tons of stuff we need to do to really get back to the whitepaper,” he explained, adding that we “have not seen that yet.” Dorsey believes Bitcoin must focus on creating simple payment solutions that offer speed, privacy, and security.
He addressed common concerns about Bitcoin’s price swings by suggesting that wider adoption would help smooth out these problems. His message to developers was clear: focus on making the top crypto asset useful in daily life rather than just a storage of wealth.
Institutional Money Continues To Flow
Despite Dorsey’s push for everyday use, large investors keep pouring money into Bitcoin. Latest data show 76 new entities holding more than 1,000 BTC have joined the network in the past two months alone – a 4.5% increase that suggests growing institutional interest.
Products like Bitcoin ETFs have seen strong demand in their first year, showing that many still view the crypto primarily as an investment rather than a payment method.
Market Shows Signs Of Stress
At the time of reporting, BTC price had dropped below $80,000, trading at $76,540 with an 8% decline. Daily trading volume shot up by 250% to $50 billion, showing high market activity during the downturn.
The price test comes as the broader crypto market experiences a crash, with Bitcoin testing “crucial support levels.”
Featured image from Gemini Imagen, chart from TradingView
