Among the legendary entrepreneurs of the previous generation in Silicon Valley, there is one who has a special fondness for Bitcoin. He is Jack Dorsey, the founder of Twitter and Square.

The reason I first paid attention to him is that among traditional successful entrepreneurs, the vast majority either show little interest in Bitcoin or look down on it. Only he not only expresses an unusual interest in Bitcoin in his statements but also demonstrates his hopes for Bitcoin through actions—most notably by heavily funding and promoting the decentralized social protocol Nostr in recent years.

I recently came across an interview he once gave online (details in the reference link at the end of the text). In the interview, he mentioned a perspective that I find very interesting:

“If this (Bitcoin) ends up just being digital gold I think it’s failed.”

Translated, the gist is "If Bitcoin ultimately is just digital gold, then it has failed."

Whether Bitcoin is digital gold, I have shared my views multiple times before, so I will not go into detail here, nor will I discuss the correctness of this viewpoint. However, for the sake of convenience in further discussion, we can regard Bitcoin as a type of cryptocurrency asset with a store of value function—this point, I believe many people can agree on.

So his point can be transformed into: If Bitcoin is merely an asset with a store of value function, he believes Bitcoin has failed.

His saying “failed” strikes me as exaggerated.

I believe that even if Bitcoin is merely a store of value asset, it is still successful and will continue to be successful and increase in value in the future.

But his more core viewpoint, I believe, is: he thinks Bitcoin cannot just be a store of value asset but should return to the vision described in the Bitcoin white paper—to become a peer-to-peer electronic cash transaction system.

In other words, he believes Bitcoin must have application scenarios (for example, becoming an electronic cash transaction system), and cannot merely be bought, hoarded, and waited for appreciation as an asset—this is the point that resonates with me the most.

In fact, in the early journey of Bitcoin pioneers, many geeks conducted various experiments and explorations on Bitcoin. Besides the well-known attempts to promote Bitcoin for everyday transactions, they also attempted to issue various new types of assets on Bitcoin (like XCP, etc.).

All these efforts were to search for application scenarios for Bitcoin.

This exploration finally reached its peak when the inscription ecology exploded a few years ago.

But the ultimate result, as we all know, is that these explorations only sprouted and did not blossom into beautiful flowers, let alone bear fruitful results.

The reason is very simple: because the CORE team’s insistence on Bitcoin’s existing characteristics essentially rejects all proposals that could change Bitcoin's script operating mechanism. This has resulted in Bitcoin being unable to run Turing-complete contracts on-chain like Ethereum, and any extensions based on Bitcoin that hope to run complex logic technically have centralization weaknesses, making them easy to attack, and are unable to bear the transaction volume required for complex business operations.

In fact, having reached this point, we can basically see the future of Bitcoin—future Bitcoin is most likely still just an asset with a store of value function (whether it's referred to as digital gold or what I consider digital collectibles).

Jack Dorsey's expectations for Bitcoin in terms of application scenarios are unlikely to be realized.

However, as I shared earlier, even if it is merely a store of value asset, Bitcoin is still successful, but with this limitation, I believe its potential for future growth will also be limited.

Jack Dorsey’s persistent hope that Bitcoin will become a peer-to-peer electronic cash transaction system, in my view, is hard to agree with.

Firstly, Bitcoin is basically unlikely to be used on a large scale as a medium of value exchange in daily life, at least not at the moment.

Because the current consensus in society still considers fiat currency as the measure of value and is unlikely to regard Bitcoin as a measure of value.

Moreover, whether it is people’s consensus on Bitcoin (the vast majority only consider it a means of storing value), or Bitcoin's technical architecture (which does not support Turing-complete contracts), all determine that Bitcoin is difficult to have practical use and hard to appear in business scenarios.

This results in its low frequency of appearance in daily life. With a low frequency of appearance in daily life, it is difficult to become a means of payment in everyday life.

Therefore, I estimate that in the future, Jack Dorsey will become increasingly disappointed with Bitcoin. For such a pure idealistic tech entrepreneur, this will be a deeply felt pain.

Reference Link:

https://x.com/oragnes/status/2111981532667842883?s=20

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