Jack Dorsey: Bitcoin, Separate from Cryptocurrency! Why?

The founder of Twitter, Jack Dorsey, sparked important discussions in the crypto community with a post on the X platform on October 19. Dorsey argued that "bitcoin is not crypto," suggesting that Bitcoin should be assessed separately from the broader cryptocurrency space.

This statement reflects a view often expressed by Bitcoin supporters. They define Bitcoin as a store of value, emphasizing its more decentralized structure compared to other cryptocurrencies.

Dorsey also indicated a more fundamental shift in how the leading digital asset is perceived with his previous statement, "bitcoin is money." Ripple's Chief Technology Officer David Schwartz noted that Dorsey's stance implies that Bitcoin should be seen not as a speculative asset but as a payment system.

With Bitcoin being recognized as digital gold, many investors refrain from spending their coins, hoping for an increase in value. However, Dorsey points out that Bitcoin should be more than just a store of value.

In an announcement made in April, Dorsey warned that without a transformation into a medium of payment, Bitcoin could become increasingly irrelevant. "If Bitcoin doesn't find a use case in daily life, for me, that's a failure," he stated.

Dorsey’s Bitcoin philosophy is rooted in the white paper signed by the unknown creator known as "Satoshi Nakamoto." He expressed that much work is needed to return to this white paper.

Dorsey continues to pursue his Bitcoin vision through his financial services company called Block. Earlier this month, Block announced a solution named Square Bitcoin. This solution enables businesses using Square point-of-sale terminals to accept Bitcoin payments while allowing them to convert 50% of card sales into Bitcoin. Additionally, it offers an integrated Bitcoin wallet for easier management.

However, it remains uncertain whether Block's Bitcoin payment solution will attract users. The company enabled direct Bitcoin payments for online sellers in 2014, but this service went unused. Dorsey had mentioned at that time that he didn't believe there would be a large number of users.