Block’s Jack Dorsey Endorses Bitcoin’s Primary Purpose: Payments
Jack Dorsey, chairman and co‑founder of Block, reaffirmed his support for what he considers bitcoin’s primary function: payments. On social media, he liked a post that describes bitcoin as electronic cash for completing peer‑to‑peer payments.
Jack Dorsey Endorses Original Bitcoin Vision: Electronic Cash for Payments
While some have embraced bitcoin as a financial asset, others still believe payments must remain at the center of bitcoin’s purpose. Jack Dorsey, former CEO of Twitter and chairman of Block, belongs to the latter.
On social media, Dorsey has reinforced his view of the medium-of-exchange element as part of bitcoin’s ethos, an element that has been overlooked as the leading cryptocurrency has entered the mainstream finance world
Dorsey answered affirmatively to a post written by BitVM creator Robin Linus, which described bitcoin’s original view, reminding of the contents of its whitepaper. “The cypherpunk vision was clearly electronic cash for private, peer-to-peer payments. The ‘digital asset’ narrative came later from others. Strange that this is even controversial,” the post argued.
Dorsey’s opinion drew both support and criticism, with some arguing that bitcoin can’t become a payment instrument unless it is adopted as a store of value. Others noted that in its current state, bitcoin lacks the capacity to handle worldwide payments.
This is not the first time that Dorsey has released strong statements on the relevance of payments for bitcoin’s existence. In an April interview, Dorsey stated that unless payments become one of its primary adoption sources, bitcoin could fail by becoming irrelevant, serving just as another asset.
Dorsey announced the inclusion of bitcoin payments in Square, Block’s payment platform, via the Lightning Network since May, reinforcing the need to open payment avenues featuring bitcoin as an option. He also advocated for implementing Bitcoin Improvement Proposal (BIP) 177, renaming sats for bitcoin, and aiding retail adoption in the process.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Apple (AAPL.US) launches wall-mounted hub HomeView to enter the smart home market; analysts: may generate new income for the services segment
Apple launches a wall-mounted hub to enter the smart home market. Analysts say it may bring new revenue to the services segment, and a paid Siri AI is on the horizon.
U.S. IPO Preview｜Primagrove: Soaring Performance with a 17-Fold Increase, but the $17,000 Cash Pool Raises Concerns
From software outsourcing to integrated software and hardware.
60% of stocks have fallen into a bear market, the seven tech giants are holding up the S&P alone! BTIG: US stocks may be just a "gentle push" away from collapsing
The S&P 500 is just one step away from its all-time high, but under the surface, turbulence is brewing: 60% of its components have already entered a technical bear market, and only 30% have outperformed the index, the lowest since 1991. All of this is being supported solely by the seven major tech giants—which is, in fact, the biggest risk. With crowded positions and the semiconductor sector mirroring the path of the 2000 bubble burst, an accelerated decline could be triggered during the upcoming earnings season at the end of the month. When the market is standing on just one final leg, it doesn't take much force to topple it.
Earnings Season Underlying Currents: ASML (ASML.US) Leads with $34.8 Billion Market Value Fluctuation
Before Wednesday’s market open, seven major companies are expected to report earnings, with anticipated volatility. ASML tops the list with a potential volatility of $34.8 billion, followed by Bank of America, Morgan Stanley, and others. The options market has already priced in the risks in advance.
Crypto prices
More
