Jack Dorsey, the founder of Twitter, has once again ignited discussions in the crypto realm with his recent claim that “Bitcoin is not crypto.” He made this statement via his social media platform X on Sunday, which quickly attracted over 4,000 comments from users.
Some members of the crypto community pointed out that Satoshi Nakamoto, the anonymous creator of Bitcoin, depicted it as a “peer-to-peer cryptocurrency” in 2010. However, Dorsey emphasized the term “currency” to underline Bitcoin’s monetary origins.
As an early adopter of Bitcoin, Dorsey has long been speculated to have contributed to its creation. Despite this, he denied being Nakamoto in a 2020 interview, quipping, “No, and if I were, would I tell you?”
“Crypto” Not Mentioned in Bitcoin’s White Paper
Dorsey remarked that Bitcoin’s foundational white paper from 2008 never mentions “crypto,” which he believes supports his argument that Bitcoin is different from the larger industry of cryptocurrencies. The white paper characterizes Bitcoin as a “purely peer-to-peer version of electronic cash” and an “electronic payment system based on cryptographic proof instead of trust.”
In a July 2010 Bitcointalk forum post, Nakamoto described Bitcoin as a “digital currency using cryptography and a distributed network to replace the need for a trusted central server.”
What Exactly is Bitcoin?
While establishing Bitcoin’s uniqueness from other cryptocurrencies, Dorsey stated in a prior post, just before his “not crypto” tweet, that “Bitcoin is money.”
He reinforced this notion by mentioning zero-fee Bitcoin transactions conducted through his financial services firm, Block, and its payments processor, Square. Dorsey highlighted a user who claimed to have sold every Square Seller on Bitcoin payments due to the anticipated zero processing fees in 2026.
Dorsey remains a staunch advocate for Bitcoin payments, even encouraging apps like Signal Messenger to incorporate Bitcoin payment options earlier this year.
Criticism from the Community
However, not everyone is on board with Dorsey’s perspective. Critics have voiced concerns regarding Bitcoin’s limited scalability, which can lead to slower processing times and increased fees. Dorsey’s viewpoint of “Bitcoin is not crypto” has sparked debate between Bitcoin maximalists and those who support a broader crypto ecosystem, often referred to as “altcoins.”
David Schwartz, the CTO of Ripple, expressed his confusion over Dorsey’s assertion. He questioned what message Dorsey intended to convey, stating that it seems he wants Bitcoin made known as a payment system rather than merely a speculative asset.
