Bitcoin Will Fail If It Remains Just a Store Of Value, Warns Jack Dorsey ⋆ ZyCrypto

Bitcoin

Bitcoin Will Fail If It Remains Just a Store Of Value, Warns Jack Dorsey ⋆ ZyCrypto

Jack Dorsey, CEO of Block and former CEO of Twitter (Now X), has cautioned that Bitcoin may risk losing relevance if it remains solely a store of value.

Speaking during an interview at Presidio Bitcoin, Dorsey emphasized the necessity for Bitcoin to evolve beyond mere “hodling” to ensure its long-term viability, highlighting the importance of enhancing Bitcoins utility.

Dorsey stated.

Dorsey emphasized that for Bitcoin to succeed long-term, it needs to transition into a practical payment system used in daily transactions. Without this evolution, he believes Bitcoin could become something people

The tech entrepreneur further pointed to emerging circular economies in regions outside the Western financial bubble as evidence of Bitcoins potential. he explained.

His comments come for their rigid stance against innovation beyond the original Bitcoin protocol and their reluctance to embrace layer-two solutions that could enhance Bitcoins utility.

Dorsey challenged maximalist thinking by expressing that the community referring to the Lightning Network, a popular second-layer solution designed to enable faster Bitcoin transactions.

he said.

Notably, several projects are already working toward making Bitcoin more open and accessible, including efforts to improve scalability, privacy, and payment functionality. Cardano, for example, has been developing interoperability solutions that could potentially enhance Bitcoins utility while maintaining its fundamental value proposition.

Under Dorsey‘s leadership, Block is also actively contributing to this vision through projects like an open-source mining rig, self-custodial wallet development, and their Cash App’s Bitcoin exchange. These initiatives aim to further decentralize Bitcoins infrastructure and make the cryptocurrency more accessible for everyday use.

That said, as BTC approaches its 17th year, Dorsey believes it stands at a crossroads. “ he noted, referring to Bitcoins original vision of ”a peer-to-peer electronic cash system.

For Bitcoin to fulfill its promise as a true alternative to government-controlled currencies, he suggested the community must continue building while making the network faster and more private, giving “real competition” to traditional payment networks like Visa and Mastercard.