Twitter founder and Block Inc. CEO Jack Dorsey has cautioned that Bitcoin could fail if it continues down the path of being viewed solely as a store of value or “digital gold.” While Bitcoin has long been touted as a hedge against traditional markets, its high volatility and tendency to move in sync with equities still brand it as a risk-on asset in many investor circles.
For Dorsey, Bitcoin must return to its roots and evolve into a true medium of exchange, not just a long-term holding for wealth preservation.
Speaking on the Presidio Bitcoin podcast with Haley Berkoe last week, Dorsey stirred debate in the crypto community by challenging the popular narrative around Bitcoin’s value proposition.
“I think it has to be payments for it to be relevant on the everyday,” he said. “Otherwise, it’s just something you kind of buy and forget and only use in emergency situations… if it doesn’t transition to payments, it just gets increasingly irrelevant. And that’s failure to me.”
Dorsey’s comments hit a nerve. They revive a long-standing conversation in Bitcoin circles: Is Bitcoin a store of value, a medium of exchange, or can it be both?
Revisiting Bitcoin’s Original Vision
Dorsey believes Bitcoin has drifted too far from its founding principles. Citing Satoshi Nakamoto’s original whitepaper, he argued that Bitcoin must fulfill its role as peer-to-peer electronic cash to stay relevant in a fast-changing financial world.
“There’s tons of stuff we need to do to really get back to the white paper,” Dorsey said. “We have not seen that yet.”
He called on developers and the community to focus more on utility, speed, privacy, and accessibility rather than just infrastructure for holding and speculation.
While volatility and scalability are common concerns, Dorsey believes that wider adoption and better payment solutions could naturally reduce price swings and unlock more practical use cases.
Dorsey’s call for utility comes as institutional interest in Bitcoin continues to grow—particularly with the launch and popularity of Bitcoin ETFs, which have seen strong demand despite current market conditions.
At the time of writing, Bitcoin is trading at $76,771, down 7.5% over the last 24 hours, with daily trading volume surging to $50 billion, a 260% spike amid the broader market crash. The downturn follows concerns sparked by U.S. President Donald Trump’s tariff policies, which have shaken both traditional and crypto markets.
A Fork in the Road for Bitcoin?
Dorsey’s comments arrive at a pivotal moment. While Bitcoin is stronger than ever in terms of adoption and infrastructure, its long-term identity remains unsettled. If the community continues prioritizing store-of-value narratives over practical payment tools, Dorsey warns the network could slowly lose relevance.
