Jack Dorsey is actually considered an enthusiastic Bitcoin supporter. Why the blockchain CEO is now pointing out a major threat to BTC.
Block CEO Jack Dorsey, who once founded Twitter, is a staunch Bitcoin advocate. In a new interview, he now reveals why the cryptocurrency might have failed in a pessimistic future scenario.
In this case, “Bitcoin fails to be relevant to people’s everyday lives. If it ends up being just a store of value and nothing else, I don’t think it gains any relevance at all,” Dorsey explains his fear.
The “digital gold” narrative apparently isn’t enough for him. The Block CEO says: “It has to be payments for Bitcoin to be relevant in everyday life. Otherwise, it’s just something you buy and forget about and only use in emergencies.”
Nevertheless, Dorsey regularly buys BTC with his company through a monthly savings plan. He announced this Bitcoin strategy last spring.
The company purchased 4,709 Bitcoin in October 2020 and added another 3,318 Bitcoin to its reserve at the beginning of 2021. Block Inc. now holds 8,485 BTC worth $636 million.
However, the payment service provider is driving Bitcoin adoption in two ways: first, through its BTC business with customers of the Square and Cash.App platforms, and second, through its own BTC purchases for the company’s reserve.
Accordingly, it sees a solution to the Bitcoin problem: “Creating easily accessible experiences that solve the payment use case, making it scalable and fast.”
In the future, there must be “real competition” for the speed of the established Visa and Mastercard networks. He is primarily working on this with Block Inc., but also wants to soon compete with Bitmain with his own mining equipment.
Jack Dorsey, considered a maximalist, is popular in the BTC community, especially since several clues point to a connection to Satoshi Nakamoto.
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