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This is why Bitcoin could fail in the long term
According to Block CEO Jack Dorsey, one of the most ardent supporters of Bitcoin, the cryptocurrency might not remain relevant in everyday life if it fails to become a means of payment. In an interview, he explained that if Bitcoin only serves as a store of value and does not provide practical applications, it will cease to be important for people’s daily lives.
In his words, “Bitcoin fails to be relevant to people’s everyday lives. If it ends up being just a store of value and nothing else, I don’t think it gains any relevance at all.” It is clear that Dorsey believes the payment aspect of Bitcoin is crucial for its long-term survival.
He emphasized that Bitcoin must become a viable means of transaction, otherwise, it would be reduced to a mere emergency reserve, devoid of any real-world impact. The “digital gold” narrative apparently isn’t enough for him; he wants more from Bitcoin.
Dorsey’s fear stems from the fact that if Bitcoin only exists as an asset or investment, people will not have a reason to use it daily. This means its utility and value would be limited to being held in reserves or used in exceptional circumstances.
Source: https://thebitcoinnews.com/this-is-why-bitcoin-could-fail-in-the-long-term/
