Jack Dorsey: Bitcoin Can Fail If Only Used As Digital Gold, Store of Value

Highlights

Jack Dorsey emphasized that Bitcoin must evolve as a payment tool to remain relevant in daily life.
Dorsey urged the Bitcoin community to revisit Satoshi Nakamoto's vision of peer-to-peer digital cash.
Despite recent price drops, Bitcoin is seeing rising institutional adoption with 76 new entities holding over 1,000 BTC.

Twitter founder and Block Inc. CEO Jack Dorsey has recently shared his thoughts on why Bitcoin would fail if pursued only as a store of value of “digital gold”. Although BTC is often seen as a hedge to the equity market, it has largely moved in tandem with it and is still considered a risk-ON asset considering volatility. Dorsey believes that it’s high time that BTC enters mainstream financial payments.

Jack Dorsey on Why Bitcoin Could Fail

Twitter co-founder and Block Inc. CEO Jack Dorsey has stirred fresh debate within the Bitcoin community. Speaking on the Presidio Bitcoin podcast last week with Haley Berkoe, Dorsey argued that Bitcoin must function as more than just a store of value if it is to succeed long term.

Dorsey warned that limiting BTC use case to a digital equivalent of gold could lead to its “irrelevance.” According to him, Bitcoin’s true potential lies in its use for payments and everyday transactions. Jack Dorsey said:

“I think it has to be payments for it to be relevant on the every day. 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. So I think if it doesn’t transition to payments and find that everyday use case, it just gets increasingly irrelevant. And that’s failure to me.”

Well, it seems that the Twitter co-founder is clearly challenging the narrative of Bitcoin as a “digital gold” going for long in the global financial market. His remarks revive a long-standing discussion in core Bitcoin circles: is Bitcoin ultimately a medium of exchange, a store of value, or both?

Get Back to Bitcoin Whitepaper

Jack Dorsey also called for a return to Bitcoin’s original mission, as mentioned in the whitepaper by Satoshi Nakamoto, noting that it needs to prioritize simple and accessible payment solutions that offer speed, privacy, and security.

Addressing concerns over volatility and scalability, Dorsey argues that once BTC becomes more accessible, issues like wild Bitcoin price swings will alleviate. He suggested that Bitcoin has drifted from its core vision as a peer-to-peer payment system. Dorsey also urged developers and the broader community to refocus efforts on utility rather than just treating it as a store of value.

“There’s tons of stuff we need to do to really get back to the white paper, which is, you know, a system for electronic peer-to-peer digital cash like we have not seen that yet,” he said.

BTC Institutional Adoption on The Rise

Over the years, BTC’s institutional adoption has also been on the rise, even with new investment products like Bitcoin ETF seeing strong demand in the first year of launch. Amid today’s crypto market crash, BTC price has tanked under $80K, testing its next crucial support levels.

As of press time, BTC price is trading 7.5% down at $76,771 with a 260% surge in daily trading volume, shooting all the way to $50 billion. Crypto analyst Ali Martinez reports a notable uptick in large BTC holders, revealing that 76 new entities holding more than 1,000 BTC have joined the network over the past two months. This marks a 4.6% increase and suggests growing institutional demand for Bitcoin.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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