Billionaire Jack Dorsey warns about Bitcoin, needs to become a popular payment method.

Billionaire Jack Dorsey, CEO of Block, has warned that Bitcoin (BTC) could face the risk of failure if it does not address a key use case: becoming a widely used payment method.

Jack Dorsey"I think Bitcoin will fail if it is no longer relevant. It will lose its essential nature in people’s daily lives. If it only remains a store of value, I do not believe Bitcoin can create a lasting impact.

Bitcoin needs to be used for payments in order to become practical in everyday life. Otherwise, it will just be an asset that people buy and leave there, only used in emergencies or when needing to convert it to cash. Therefore, if Bitcoin does not transition into a payment tool and find everyday use cases, it will become increasingly irrelevant. And that, in my opinion, is a reasonable outcome.

When asked about solutions to mitigate this risk, Dorsey emphasized the importance of developing applications that support quick and easy payments, and are competitive enough with major payment systems like Visa and Mastercard.

“I think we need to build simple and accessible experiences to address payment needs, while making the system scalable and fast, on par with the networks of Visa and Mastercard. There are already many projects working on this, but Bitcoin needs to continue improving on privacy, security, and ultimately safety.”

This will give us a third option, alongside the US dollar and the Chinese yuan. Having a third currency option is extremely important, as it not only helps to control other currencies but also keeps governments in a state of balance.

Dorsey’s remarks once again emphasize that the future of Bitcoin relies not only on becoming a store of value but also needs to prove its usefulness in daily life through practical payment applications.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do thorough research before making decisions. We are not responsible for your investment decisions.

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