Jack Dorsey, Co-founder of Push and CEO of Block, Believes Bitcoin Will Ultimately Fail if Used Solely as a Store of Value
According to him, Bitcoin should achieve success through its usage in payments.
Due to its limited supply, Bitcoin is widely regarded as a store of value similar to gold, leading many to choose not to spend their Bitcoin in anticipation of future value appreciation. However, in Dorsey’s view, the current mainstream perspective on value storage will lead Bitcoin down a path of diminishing importance and existential meaning. In a recent interview on the podcast “21 in 21,” he stated:
Regarding the issues of scalability and volatility, Dorsey advocates for a focus on creating simple and user-friendly payment solutions, prioritizing speed, privacy, and security. He believes that over time, with increased accessibility and a renewed emphasis on the original ideals of Bitcoin’s inception, the volatility issue will ultimately be resolved.
Dorsey seems to think that Bitcoin has currently strayed from its original vision, emphasizing that:
However, many developers within the Bitcoin ecosystem hold differing views from Dorsey, believing that Bitcoin’s role as a store of value is more important than its use as a payment method. Ben Kaufman, chief developer of the Bitcoin wallet Bitcoin Keeper, stated: