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Co-founder of Twitter Jack Dorsey sparked significant discussion in cryptocurrency circles with an article on the nature of Bitcoin.
“Bitcoin is not a crypto”, Dorsey said on October 19 on X, rehashing debates over whether Bitcoin should be treated separately from the broader cryptocurrency space.
“Bitcoin, not crypto” is a sentiment often shared by bitcoiners, touting the asset as a store of value and more decentralized than other cryptocurrencies.
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However, an X post from Dorsey moments earlier adage “Bitcoin is Money” suggests it calls for a more fundamental shift in how people view the leading digital asset.
“I think he is somehow trying to say that bitcoin should be seen as a payment system rather than a speculative asset,” Ripple Director of Technology David Schwartz said on X.
Dorsey’s view that Bitcoin is money fits into the asset’s narrative as digital gold grows, leaving many reluctant to spend their coins in the hope that its value will continue to rise.
Dorsey, however, recently emphasized that Bitcoin is meant to be more than just a store of value.
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“I think if Bitcoin doesn’t move into payments and find that everyday use case, it becomes less and less relevant,” he said. said in April. “And that’s a failure for me.”
Dorsey’s Bitcoin philosophy is rooted in the title of the white paper by the mysterious Bitcoin creator “Satoshi Nakamoto”: “Bitcoin: A Peer-to-Peer Electronic Payment System.”
“There are tons of things we need to do to really get back to the white paper,” he said in April.
Dorsey worked to realize his vision for Bitcoin through his financial services company, Block (NYSE:XYZ). Earlier this month, Block announcement the release of Square Bitcoin. The solution allows merchants using its Square point-of-sale terminals to accept Bitcoin payments and also convert up to 50% of their card sales into assets. The solution also comes with a built-in Bitcoin wallet for easy management.
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“We’re making Bitcoin payments as seamless as card payments while giving small businesses access to financial management tools that, until now, have been reserved for larger businesses,” said Block Head of Bitcoin Product. Miles Suter said earlier this month.
