Jack Dorsey, co-founder and CEO of Block, reaffirmed on Wednesday his belief in Bitcoin’s (CRYPTO: BTC) use as a daily transactional currency rather than a store of value.
Bitcoin As A Payment Medium
Dorsey took to X, expressing his agreement with BitVM creator Robin Linus‘ argument that Bitcoin was envisioned as a private, peer-to-peer electronic cash system.
Citing the Bitcoin whitepaper, Linus deemed the electronic cash use case the original “cypherpunk vision,” and that the “digital asset” narrative came in from others.
“Bitcoin's purpose is payments—store of value is just a neat byproduct,” Linus said.
The Counterarguments
However, not everyone was convinced. An X user, RVing Orchardist, argued that the store of value narrative was there from the beginning, pointing toward the message encoded in Bitcoin’s Genesis block.
Several Bitcoin supporters have linked it to a headline from a story in The Times dated January 3, 2009, referring to the UK government's bailout of banks in the aftermath of the 2007–08 financial crisis. They believe the message challenges the stability of established banking systems and how Bitcoin could become a tool for financial sovereignty.
The user also pointed toward Satoshi’s birthday as April 5 on their P2P Foundation profile, linking it to the date on which President Franklin D. Roosevelt signed Executive Order 6102, which made it illegal for U.S. citizens to own most gold.
Dorsey Says Bitcoin Risks Becoming Irrelevant If…
Dorsey himself has been strongly backing Bitcoin’s use as an everyday currency, a vision originally proposed by the creator, Satoshi Nakamoto.
Earlier in April, he asserted that Bitcoin would fail if it became nothing more than a store of value. “I think if it doesn't transition to payments and find that everyday use case, it just gets increasingly irrelevant. And that's failure to me," he stated.
Price Action: At the time of writing, BTC was exchanging hands at $112,899, up 1.27% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: JarTee on Shutterstock.com
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