Jack Dorsey: Bitcoin is collapsing because it's irrelevant
Bitcoin risks losing its relevance and value if it does not become a means of everyday transactions, said Twitter and Blockchain co-founder Jack Dorsey.
The businessman fears that growing interest in Bitcoin from large corporate investors and investment firms like BlackRock could exclude Bitcoin from everyday life and further distance it from other users.
“If Bitcoin simply becomes something that is bought and forgotten, if it loses its relevance to everyday life, that will lead to the inevitable demise of cryptocurrency,” Dorsey told Presidio Bitcoin host Haley Berko.
Dorsey believes that major price crashes in Bitcoin could become more frequent and more fatal for investors if the leading cryptocurrency remains a store of value and does not transition to a medium of exchange.
Block's CEO acknowledges that his viewpoint may diverge from that of some market experts, such as Strategy CEO Michael Saylor, who views Bitcoin as a store of value, ignoring the decline in blockchain activity.
Previously, analysts at the CoinGlass platform suggested that public data from major crypto exchanges on trader liquidations may be significantly lower than actual figures due to alert settings and special disclosure restrictions.
Source: cryptonews.net
