Jack Dorsey, the billionaire CEO of Block, recently shared his concerns about Bitcoin’s future. He believes Bitcoin could become irrelevant if it doesn’t become more widely used for everyday transactions.
Bitcoin as More Than Just a Store of Value
Dorsey argues that Bitcoin’s current role as primarily a store of value isn’t enough to ensure its long-term success. He envisions a scenario where Bitcoin is only used during emergencies or for occasional liquidity needs, ultimately leading to its decline in relevance. He emphasizes the need for Bitcoin to become a daily payment method to truly thrive.
“If it just ends up being a store of value and nothing more, I don’t think it gains relevance at all. It has to be payments for it to be relevant on the everyday,” Dorsey stated.
The Path to Bitcoin’s Success: Faster, Easier Payments
To avoid this potential downfall, Dorsey suggests focusing on developing user-friendly applications that make Bitcoin payments fast and efficient. These applications should compete directly with established payment giants like Visa and Mastercard.
“Building simple accessible experiences that solve the payment use case, making it scale, making it fast…giving the speed of the Visa and Mastercard networks real competition – that’s key,” he explained.
He also highlighted the importance of improving Bitcoin’s privacy and security features to build trust and attract more users. Dorsey sees Bitcoin as a potential third option alongside the US dollar and Chinese yuan, creating a healthy balance in the global financial system. This third option, he believes, could keep governments and other currencies in check.
