Billionaire and Block CEO Jack Dorsey says that Bitcoin (BTC) is at risk of failure if it doesn’t manage to tackle one critical use case.
In a new interview on the Presidio Bitcoin YouTube channel, Dorsey is asked to imagine that he fast-forwarded to the future where Bitcoin has failed.
When asked how Bitcoin failed, Dorsey says the flagship crypto asset faded into irrelevance because it was only used as a store of value and not as a form of money for payments and transactions.
“I think it fails through irrelevance. It fails to be relevant to people on a daily basis. If it just ends up being a store of value and nothing more, I don’t think it gains relevance at all.
I think it has to be payments for it to be relevant on the everyday. Otherwise, it’s just something you kind of buy and forget and only use in emergency situations or when you want to get liquid again. So I think if it doesn’t transition to payments and find that everyday use case, it’s increasingly irrelevant. And that’s fair to me.”
When asked what can be done to mitigate the risk of Bitcoin failing, Dorsey says more applications need to be built to facilitate easy, fast payments to rival giants like Visa and Mastercard.
“I think building simple accessible experiences that solve the payment use case, making it scale, making it fast, giving the speed of the Visa and Mastercard networks real competition – and there are tons of projects that do that – and it continues to increase in privacy and security and ultimately safety. That gives you a third option, and I think we always want a third option to the US dollar, to the Chinese yuan. Having a third option for currency is important and it keeps the other currencies in check and governments in check as well.”
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