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Block’s Jack Dorsey: Bitcoin Could Fail Due to Irrelevance

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bitcoin.com
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1 year ago
AI summarizes in 5 seconds.

The current state of bitcoin adoption and the cryptocurrency’s status as digital gold and a store of value are being criticized by bitcoiners who advocate for a more practical function. Jack Dorsey, CEO of Block, a bitcoin tech company currently working on creating its own bitcoin mining solutions, believes that bitcoin can still fail at this stage by becoming irrelevant to addressing the problems it was first designed to solve.

At the Presidio Bitcoin’s 21 in 21 podcast, when asked about the possible causes of a hypothetical bitcoin failure, Dorsey remarked that irrelevance might cause bitcoin’s downfall in the long term, signaling a shift toward payments as one of the elements to prevent this outcome.

“I think it has to be payments for it to be relevant uh on the everyday otherwise it’s just something you kind of buy and forget and only use in emergency situations or when you want to get liquid again,” Dorsey assessed, remarking payments as the main driver behind the adoption that would save bitcoin.

Later in the podcast, Dorsey mentioned payments again as the main mitigating solution to a hypothetical bitcoin failure outcome. He noted that to prevent this ill fate, bitcoiners need to be “building simple, accessible experiences that solve the payment use case making it scale making it fast like giving the speed of the Visa and Mastercard networks real competition.”

Dorsey also criticized bitcoin’s lightning network, the microtransaction-oriented layer 2 protocol, calling to open bitcoin for more complementary protocols to be launched, considering elements such as ease of use and practicality. “I think we can do better than lightning, and it’s not that like lightning is bad, it’s just challenging,” Dorsey concluded.

Read more: Jack Dorsey’s Block Bets Big on Bitcoin Mining

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