Twitter founder and staunch Bitcoin supporter Jack Dorsey recently made comments about the essence of Bitcoin, sparking discussions in the crypto community once again.
Dorsey posted a brief message on X (formerly Twitter) on Sunday stating, "Bitcoin is not a cryptocurrency," which led to a heated discussion with over 4,000 comments.
Although some commenters pointed out that Bitcoin's anonymous creator Satoshi Nakamoto described Bitcoin (BTC) as a "peer-to-peer cryptocurrency" on the Bitcointalk forum in 2010, Dorsey emphasized the term "currency," highlighting its monetary attributes.
As an early adopter of Bitcoin, Dorsey has long been rumored to be connected to the creation of Bitcoin. Earlier this year, Seán Murray from deBanked listed a series of indirect evidence, but it has not been confirmed.
In a 2020 interview with Lex Fridman, Dorsey denied being Satoshi Nakamoto, stating, "No, if I were, would I tell you?"
Reflecting on the origins of Bitcoin, Dorsey pointed out that the Bitcoin white paper—the foundational document introducing BTC in 2008—never mentions "crypto," supporting his view that Bitcoin is distinct from the entire industry.
The white paper describes Bitcoin as "a purely peer-to-peer form of electronic cash" and "an electronic payment system based on cryptographic proof instead of trust."
In July 2010, Satoshi Nakamoto also referred to Bitcoin in a Bitcointalk post as "a digital currency that uses cryptographic technology and a distributed network to replace the need for a trusted central server."
When distinguishing Bitcoin from "cryptocurrency," Dorsey provided his answer in an earlier post made an hour before his tweet "Bitcoin is not a cryptocurrency," where he succinctly wrote, "Bitcoin is currency."
Dorsey defended Bitcoin's "currency" status by highlighting the progress made by his financial services company Block and its payment processing division Square in zero-fee BTC payments.
The Bitcoin advocate specifically cited a post from user Jamie Selects, who claimed to have "pitched Bitcoin payments to every Square seller at the local market," thanks to the enthusiasm generated by Square's announcement of "zero transaction fees in 2026."
Dorsey has long advocated for Bitcoin as a means of payment, and in April of this year, he encouraged the social media application Signal Messenger to adopt Bitcoin payments.
The "currency" status of Bitcoin aligns with Dorsey's view: Bitcoin would struggle to succeed if it were only seen as a store of value; it must maintain its use case for payments to remain relevant.
Not everyone agrees with Dorsey's perspective; critics point out that Bitcoin's scalability is limited, which could lead to slower processing speeds and rising transaction fees.
Many also oppose his statement "Bitcoin is not a cryptocurrency," highlighting the divide between Bitcoin maximalists and the broader crypto ecosystem or altcoin supporters.
Notable industry figure David Schwartz also joined the discussion. He will step down as Ripple's Chief Technology Officer at the end of the year and expressed confusion over Dorsey's tweet.
Schwartz wrote, "I'm not quite sure what Jack is trying to convey here. I think he might be trying to say that Bitcoin should be viewed as a payment system rather than a speculative asset. But I'm not sure."
Related: Developers Warn: Corporate Encroachment Could Undermine the Core Philosophy of Ethereum (ETH)
Original: “If Bitcoin (BTC) is not a cryptocurrency, then what is it? The rumored Satoshi speaks out”
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