Jack Dorsey: Bitcoin is money, not a cryptocurrency
Date: 2025-10-21 Author: Henry Casey Categories: CRYPTO PAYMENTS
Dorsey pointed out that Satoshi's original white paper doesn't even include the word "crypto." The document describes Bitcoin as a "peer-to-peer electronic cash system" based on cryptographic proofs, not as a cryptocurrency. According to Dorsey, the key definition is "currency," not "crypto."
An hour before making his controversial statement, Dorsey published a short post: "Bitcoin is money." He also noted the success of Block and its subsidiary, Square, in promoting the use of Bitcoin for everyday, fee-free payments.
The post quickly went viral: within a few hours, it had been viewed by over 3.8 million users, and the number of comments exceeded 4,500. However, the reaction was mixed.
Ripple CTO David Schwartz suggested that Dorsey views Bitcoin not as a speculative asset, but as a fully-fledged payment system. Some users agreed, emphasizing that Bitcoin is unique as a digital currency, not just an element of the crypto market. One commenter even compared Bitcoin to gold among metals—a distinct category, standing apart from other digital assets.
"Bitcoin is money, and crypto is technology," wrote one user, supporting Dorsey's position.
However, not everyone agreed with his interpretation. Stacks founder Muneeb Ali noted that Bitcoin does stand out among other cryptocurrencies, but its underlying economy has not yet demonstrated sufficient stability. He emphasized that a number of crypto projects have made greater progress in developing decentralized applications and attracting developers.
At the same time, some of the audience criticized Dorsey for excessive maximalism. One user pointed out that the word "cryptocurrency" itself comes from "cryptographic currency," and Bitcoin, at its core, is entirely based on cryptography. He believed that such statements only confuse the public and create false dichotomies.
Interestingly, earlier this year, deBanked Editor-in-Chief Sean Murray jokingly called Dorsey the true creator of Bitcoin—apparently hinting at his unconditional devotion to Satoshi's ideas.
In any case, Dorsey's statement once again reminded us that even a decade and a half after Bitcoin's inception, the debate over its nature is far from over.
