Jack Dorsey, co-founder of Block, took it to social media to give his take about the future of bitcoin and the kind of adoption that bitcoin should experience.

Commenting on the push that Square is giving BTC as a transactional tool, Dorsey stated:

Bitcoin is money

Dorsey referred to the medium of exchange aspect of bitcoin, which he is currently promoting after Square announced that it would allow merchants to accept bitcoin payments with zero processing fees starting on November 10.

As part of this move, Square is also distributing free Bitcoin Marketing Kits to let customers know that merchants are accepting bitcoin for payments.

Dorsey has been advocating for this kind of transactional adoption for some time. In April, he highlighted that if payments are not included in bitcoin’s adoption path, it could fail by irrelevance, becoming “something you kind of buy and forget and only use in emergency situations or when you want to get liquid again.”

Bitcoin has gone mainstream as a store of value recently, and while it is currently being promoted as a reserve asset at a corporate level, its use case as a medium of exchange has failed to get momentum.

Even with entire economies adopting bitcoin as legal tender, it has been very difficult to promote a circular bitcoin economy, due to the characteristics of supply chains all over the world.

Analysts agree that bitcoin as a medium of exchange presents several difficulties: slow block times that could hamper the immediacy of a sale, a cumbersome user interface that lacks the simplicity of other options, and its volatility as a unit of account.

Nonetheless, Square, which served over 4 million sellers and processed $228 billion in 2024, can help both users and merchants overcome these problems, opening the doors to a wider adoption of bitcoin as an effective medium of exchange.

While bitcoin still faces relevant hurdles to become a serious contender in the cash-like medium of exchange arena, companies like Square and key actors like Dorsey will definitely contribute to increasing its adoption as a transactional substitute.

Nonetheless, until internet retailers like Amazon and other large chains like Walmart and Costco hop onto the bitcoin bandwagon, and there are real incentives to spend it, it is difficult for BTC to become the de facto payment standard.

• What recent comments did Jack Dorsey make about Bitcoin?
  Dorsey asserted that “ Bitcoin is money,” emphasizing its potential as a transactional medium and not just a store of value.
• What initiative has Square announced to promote Bitcoin adoption?
  Starting November 10, Square will allow merchants to accept Bitcoin payments with zero processing fees and distribute free Bitcoin Marketing Kits to inform customers.
• What challenges does Bitcoin face as a medium of exchange?
  Analysts note issues such as slow block times and complex user interfaces that hinder Bitcoin’s immediate use in everyday transactions.
• What role could Square play in Bitcoin’s future as a payment method?
  With its extensive seller network and processing capabilities, Square could help address existing challenges and drive wider adoption of Bitcoin as a transactional alternative.

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