Jack Dorsey, co-founder of Twitter and CEO of Block, Inc., has shared his concerns about the reducing relevance of Bitcoin. The former Twitter co-founder and CEO opined that Bitcoin will fail in the future if it is solely used as a “digital gold” and not for its original purpose, i.e., as a peer-to-peer transaction.
Dorsey was speaking with Haley Berkoe, product marketing manager of Block subsidiary and Bitcoin-oriented software firm Spiral, on a Presidio Bitcoin podcast episode last week when he made comments on how Bitcoin has traversed from a mere digital payment means to an asset of long-term store value, with its price gradually rising from next to nothing to breaking the $100,000 barrier in 2024.
When given a situation by Haley Berkoe that said, “Let’s fast-forward to the future, and the Bitcoin has failed,” to which Dorsey replied, “I think it fails through irreverence. It fails to be relevant to people on a daily basis. If it just ends up being sort of value and nothing more, I don’t think it gains relevance at all.”
Dorsey’s statement came amid the global market meltdown, owing to the tariff war instituted by US president Donald Trump against two dozen countries.
Many netizens commented on X that Bitcoin doesn’t need to be a daily payment tool to succeed. Its primary value has evolved into digital gold.
Dorsey promoted the use of Bitcoin as a regular payment gateway during the global market crash, which caused every cryptocurrency to plummet.
“I think it has to be payments for it to be relevant 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,” he told Berkoe.
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