Jack Dorsey, the former Twitter CEO and prominent Bitcoin supporter, has stirred discussion by declaring that “Bitcoin is not crypto,” emphasizing that Bitcoin’s origins and purpose set it apart from other digital assets.
Dorsey’s statement and market reaction
On Sunday, Dorsey posted the message “Bitcoin is not crypto” on X, which quickly drew more than 4,000 comments and reignited debate over Bitcoin’s identity.
While some pointed out that Satoshi Nakamoto, Bitcoin’s creator, described Bitcoin as a “peer-to-peer cryptocurrency” in early forums, Dorsey highlighted the word “currency” and its significance.
Dorsey has long been the subject of theories suggesting he may be Satoshi Nakamoto, though he denied this in a 2020 interview. He stated:
“No, and if I were, would I tell you?”
Bitcoin’s white paper and terminology
Dorsey argued that the Bitcoin whitepaper never once mentions the word “crypto,” supporting his view that Bitcoin should be seen as distinct from the wider industry.
Instead, the whitepaper presents Bitcoin as a “peer-to-peer electronic cash system” and an “electronic payment system based on cryptographic proof instead of trust.”
Readers can view the full Bitcoin whitepaper online.
In an early Bitcointalk post, Satoshi Nakamoto also referred to Bitcoin as a “digital currency using cryptography and a distributed network,” further underscoring its focus as money.
Bitcoin as money
Dorsey expanded on his stance by stating, “Bitcoin is money,” and pointed to the progress made by his company, Block, in enabling zero-fee Bitcoin payments through Square.
He cited examples of merchants embracing Bitcoin payments thanks to these advancements.
Community response and ongoing debate
Dorsey’s comments have received pushback from some in the digital asset space, who argue that Bitcoin’s limited scalability and higher fees challenge its role as a daily payment system.
David Schwartz, outgoing CTO at Ripple, commented on the ambiguity of Dorsey’s messaging, noting:
“I don’t really know what Jack was trying to communicate here. I think he’s somehow trying to say that bitcoin should be seen as a payment system rather than a speculative asset. But I don’t know.”
