– Billionaire entrepreneur and X co-founder Jack Dorsey ignited a fiery discussion in the cryptocurrency world today with a provocative statement posted on X at 12:00 PM UTC. In a post that has since garnered widespread attention, Dorsey declared, “bitcoin is not crypto,” positioning Bitcoin as a distinct entity separate from the speculative frenzy often associated with the broader cryptocurrency market.
The timing of Dorsey’s statement is notable, coinciding with a surge in gold prices above $3,000 per ounce—marking a 25% year-to-date gain—and Bitcoin trading at an impressive $110,000, with a 14.6% increase this year. This has fueled speculation about a potential asset rotation, reminiscent of the 2020 market shifts, and placed Dorsey’s comments at the center of a heated debate among investors and analysts.
A Vision of Bitcoin as “True Money”
Dorsey, who also serves as CEO of Block Inc., has long been a vocal advocate for Bitcoin, often framing it as a revolutionary financial tool. His latest post builds on earlier remarks, including a statement earlier today at 10:59 AM UTC where he asserted, “bitcoin is money.” The billionaire’s stance suggests he views Bitcoin as a reliable, decentralized currency—distinct from the volatility and experimentation seen in altcoins like Ethereum or Dogecoin—amid a market where gold’s rise is challenging Bitcoin’s dominance.
This perspective aligns with Dorsey’s history of supporting Bitcoin-centric initiatives. In 2020, he predicted Bitcoin would overtake the U.S. dollar, and under his leadership, Block Inc. has focused exclusively on Bitcoin development, even announcing plans in 2024 to add more of the asset to its treasury. His involvement in the cryptocurrency space dates back decades, with speculation linking him to the mysterious Bitcoin creator, Satoshi Nakamoto, though no evidence confirms this.
Community Reactions Pour In
The X post quickly drew a flurry of responses, with Bitcoin enthusiasts largely endorsing Dorsey’s view. User @BD replied, “I agree Satoshi,” playfully nodding to the Nakamoto speculation, while @pete_rizzo_ echoed, “JUST IN: BILLIONAIRE JACK DORSEY JUST SAID ‘#BITCOIN IS MONEY’ HE’S ABSOLUTELY RIGHT 🔥.” However, the statement also sparked pushback. @tomxeth countered, “Idk I’m pretty sure it uses cryptography,” highlighting the technical argument that Bitcoin, as a cryptocurrency, relies on cryptographic principles—challenging Dorsey’s distinction.
Others, like @antiprosynthesis.eth, insisted, “it definitionally is crypto,” while @XRPShillionaire likened the claim to saying “Bugatti isn’t a car,” underscoring the confusion among some in the crypto community. Visual aids also emerged, with @Saurav_Maher sharing an image contrasting “Perception” (where Bitcoin is a small part of crypto) with “Reality” (where Bitcoin overshadows other cryptocurrencies), and @antiprosynth posting a meme framing Bitcoin as “mathematical” compared to gold’s physical nature and fiat’s political underpinnings.
Market Context and Criticism
The debate unfolds against a backdrop of shifting market dynamics. Gold’s record surge has led critics like economist Peter Schiff to argue that it poses a “biggest threat to Bitcoin,” suggesting that Bitcoin’s hype may wane as traditional safe-haven assets gain traction. Conversely, proponents like @Ashcryptoreal point to historical patterns, noting, “When GOLD tops > Bitcoin bottoms and starts the parabolic run,” a cycle observed in 2020 that could repeat in 2025, with some forecasting Bitcoin reaching $165,000 by year-end.
Dorsey’s comments also come as political influences shape the crypto landscape. @coinmamba suggested that with U.S. President Donald Trump in office—and his family reportedly invested in Bitcoin—there may be measures to prevent a market downturn, though risks of a broader macro top tied to an AI bubble loom large.
What’s Next for Bitcoin?
As the discussion rages on, Dorsey’s bold assertion has reignited conversations about Bitcoin’s identity and future. Is it a standalone currency, as he suggests, or merely the flagship of a diverse crypto ecosystem? With Bitcoin’s market cap remaining unmatched and its adoption growing—bolstered by figures like Dorsey—the coming months will likely test these theories against market realities.
For now, the X thread serves as a microcosm of the broader cryptocurrency debate, with Dorsey’s influence amplifying the conversation. Whether this marks a pivotal moment in Bitcoin’s evolution or another chapter in its volatile saga remains to be seen.