Jack Dorsey Emphasizes Bitcoin's Role Beyond Digital Gold

Jack Dorsey, CEO of Block Inc., has issued a stark warning regarding Bitcoin's future, stating that if it is only regarded as digital gold, it will be a failure. His remarks, shared in a series of video clips from October 17 to October 19, 2026, emphasize that Bitcoin must be utilized as a medium for daily transactions to fulfill its intended purpose.

Dorsey’s comments echo his previous statements made in April 2025, where he reiterated the importance of Bitcoin functioning as a peer-to-peer electronic cash system, as originally outlined in Satoshi Nakamoto’s whitepaper. He believes that Bitcoin's success hinges on its widespread adoption for everyday purchases, rather than being merely a store of value.

Block Inc. is actively working to enhance Bitcoin's usability in real-world transactions, with over a million U.S. merchants now able to accept Bitcoin through Square, the company's payment platform. Despite holding approximately 8,000 BTC on its balance sheet, Dorsey argues that merely storing Bitcoin is not sufficient for its success.

The Bitcoin community remains divided on its primary function, with some viewing it as a store of value akin to gold, while others, including Dorsey, advocate for its role as a currency for daily use. This debate impacts how businesses adopt Bitcoin and influences demand, as a store-of-value perspective attracts those looking to hold it, while a currency perspective appeals to those wanting to spend it.

Moreover, the development team at Block, known as Spiral, has pointed out that the real challenge for Bitcoin payments is weak demand rather than technological limitations. While Bitcoin's technology has advanced, the adoption for payments remains low, with only 2% of U.S. adults using it for transactions, according to Federal Reserve data.

As major payment firms increasingly focus on stablecoins, Dorsey and his team are calling for innovative ideas to drive Bitcoin payment adoption in the coming years. They emphasize that the future of Bitcoin as a payment method may depend on how quickly the market can pivot towards its everyday use.

New Insights on Bitcoin's Role

Patrick Lowry, CEO of Samara Asset Group, critiques the term "Bitcoin treasury company," stating that the market is rejecting pure treasury plays except for Strategy. He argues that labeling Bitcoin as "digital gold" was poor marketing, which has shifted Bitcoin's perception from a currency to an investment, leading to price dips during Federal Reserve discussions on interest rate hikes.

Lowry explains that Samara utilizes Bitcoin as working capital, managing venture fund commitments by liquidating Bitcoin during capital calls, regardless of market price. He highlights the challenges of holding Bitcoin as a treasury asset, suggesting it may be a disservice to shareholders due to the inherent volatility and market dynamics.

Additionally, Lowry discusses the implications of rising sovereign yields on Bitcoin's value and the potential backlash against altcoin treasuries, emphasizing the need for a strategic approach to Bitcoin management in the current economic landscape.