Jack Dorsey: Bitcoin will lose its relevance in the future

Billionaire and Block CEO Jack Dorsey has expressed reservations about the future of bitcoin BTC $85,310.46 Bitcoin 2.79% Market capitalization $1.69 trillion VOL. 24 hours $1.9 billion , noting that the cryptocurrency may lose relevance if it fails to become a means of daily payments. In an interview on Presidio Bitcoin’s YouTube channel, Dorsey modeled a scenario in which Bitcoin fails because it loses its relevance to people’s daily lives.

In his opinion, if bitcoin remains solely a «store of value» — an asset that is bought and held for special situations — it will cease to be truly useful. «If it doesn’t move into the role of a means of payment and finds its place in everyday life, it will become less and less relevant,» Dorsey emphasized.

At the same time, the entrepreneur believes that this scenario can be avoided if the infrastructure for fast, simple, and secure payments is developed. He emphasized the need to create custom applications that can compete with the speed and accessibility of systems such as Visa and Mastercard. According to Dorsey, such projects already exist and contribute to increased privacy and security.

He also noted that the availability of a third alternative to the US dollar or the Chinese yuan is extremely important. It not only gives users a choice, but also forces the state currencies to remain stable and controlled. In his opinion, Bitcoin has the potential to become just such a «third option.»