Twitter founder Jack Dorsey: Bitcoin "if not used for daily payments" is merely a store of value and will head towards failure.

X (Twitter) founder Jack Dorsey warned that bitcoin will become irrelevant if it is only a store of value, emphasizing its need to be the initial ideal of an everyday payment tool. (Synopsis: The Great Air Raid Warning shows "devastating signs" in U.S. stocks, possibly repeating Black Monday of 1987) (Background supplement: Dow Jones recreates 1987 "Black Monday", US stock panic index, VIX, bitcoin index all show "extreme fear") Jack Dorsey, co-founder of X (Twitter) and CEO of Block, said in a recent interview on the "Presidio Bitcoin" program, If Bitcoin does not become an everyday payment tool, it will go to "irrelevance" and eventually fail, causing heated discussions in the community. Dorsey: Bitcoin needs to be a payment tool In a conversation with Haley Berkoe, product marketing manager at Spiral, a subsidiary of Block, Dorsey emphasized that Bitcoin's success lies in its payment function, not just as a store of value. "I think bitcoin has to become an everyday payment tool, otherwise it's just something you buy and forget and only use in emergencies or when you need liquidity," he said. If it doesn't move to payments and find everyday use cases, it becomes increasingly irrelevant, and that's a failure for me." Dorsey's remarks are a bit different from the current mainstream narrative of Bitcoin, which is widely believed to have the potential to be a store of value to rival gold due to its limited supply of 21 million coins. This view has made many investors reluctant to spend bitcoin, but continue to hold it in anticipation of rising prices; However, Dorsey believes that this "buy and forget" strategy will make Bitcoin lose its long-term value. Dorsey further noted that Bitcoin is currently deviating from its original vision. He mentioned that the "peer-to-peer electronic cash system" described in the Bitcoin white paper (published by Satoshi Nakamoto in 2008) has not yet been implemented. "We need to do a lot of work to get back to the original intention of the white paper, which is a peer-to-peer electronic cash system that we have not yet seen," he emphasized. To address scalability and volatility, Dorsey recommends focusing on developing easy-to-use payment solutions that prioritize speed, privacy, and security, and believes that as technology advances, volatility will eventually be solved. The significance of Bitcoin as a store of value Dorsey's views have attracted two voices, with supporters saying: "Dorsey is right, Bitcoin needs more payment scenarios, otherwise it is just a speculative asset" Opponents argue: "Bitcoin is already the king of the store of value, and payment is only a secondary function" Ben Kaufman, lead developer of Bitcoin Keeper, also countered on X: "The value of Bitcoin lies in its demand." It is in greater demand as a store of value as governments constantly erode the value of fiat currencies; As a payment instrument, it is used to circumvent financial censorship. Currency devaluation affects everyone, while payment censorship affects only minorities." Overall, Kaufman believes that Bitcoin's store of value function is more critical. Bitcoin has value because it is needed. It is needed to store value as governments erode the value of their currencies. It is needed for payments to circumvent financial censorship. Currency devaluation affects everyone, while payment censorship affects small groups. — Ben Kaufman (@_benkaufman) April 2, 2025 Dorsey is a longtime Bitcoin believer Jack Dorsey has long supported Bitcoin and promoted its payments through the Block company (e.g. the Lightning Network). However, Bitcoin still faces challenges as a payment instrument. BitPay 2024 data shows that only 5% of Bitcoin transactions are used for payments, which is much lower than the store of value. High transaction fees and price fluctuations also limit its daily use. The debate over Bitcoin as a payment instrument and store of value will continue in the future, so let's keep watching. Related reports US non-farm payrolls data is coming tonight! Analysis: Bitcoin is seriously oversold, labor market is weak or cryptocurrencies rebound U.S. stocks hit hard rich dad shouted "I said it a long time ago": buy bitcoin, gold, silver to save your life Happy Satoshi Nakamoto's 50th birthday! The gold ban is hidden in the design, and he left a message in the genesis block, and he used Bitcoin to convey the belief in decentralization "Twitter founder Jack Dorsey: Bitcoin "if it does not make daily payments" is only a store of value, it will fail" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".