{"id":20431,"date":"2025-04-03T14:02:37","date_gmt":"2025-04-03T14:02:37","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=20431"},"modified":"2025-04-03T14:02:37","modified_gmt":"2025-04-03T14:02:37","slug":"bitcoin-at-risk-of-institutional-capture-warns-jack-dorsey","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=20431","title":{"rendered":"Bitcoin At Risk Of Institutional Capture, Warns Jack Dorsey"},"content":{"rendered":"
\n

In a \u201c21 and 21\u201d rapid-fire interview with Haley Berkoe at San Francisco\u2019s Presidio Bitcoin workspace, Jack Dorsey\u2014CEO of Block and former Twitter chief\u2014cautioned that BTC\u2019s growing popularity among major financial institutions could threaten the open ethos that gave rise to the world\u2019s largest cryptocurrency.<\/p>\n

\u201cIt probably harms it a bit,\u201d Dorsey said when asked about institutional investment in Bitcoin. Yet he acknowledged that large-scale involvement is practically inevitable, adding, \u201cI think it\u2019s obvious that we\u2019ll see more of it, and I hope that more people take on the principles of what made Bitcoin successful in the first place.\u201d<\/p>\n

Speaking on the emergence of institutional giants like BlackRock<\/a>, Dorsey emphasized the permissionless nature of Bitcoin: \u201cTo be able to work on a money transmission protocol that\u2019s entirely open [\u2026] that has converted the likes of a BlackRock or these major institutions that we railed against in the past\u2014and now they have to turn their attention to it\u2014and yet you still don\u2019t need their permission to build on it [\u2026] where else can you find that?\u201d<\/p>\n

Why Bitcoin Could Be At Risk<\/h2>\n

Dorsey\u2019s comments came during a conversation<\/a> that spanned everything from his early interest in \u201cthe old cypherpunks\u201d to the projects Block is building to strengthen the core infrastructure. He highlighted ongoing work on an \u201copen source mining rig and chipset,\u201d as well as Bitkey, a self-custodial wallet, and Block\u2019s integration of BTC into Cash App<\/a>.<\/p>\n

One of Dorsey\u2019s main concerns is that Bitcoin might end up sidelined if it focuses too narrowly on serving as a store of value. \u201cI think it fails through irreverence\u2014like it just fails to be relevant to people on a daily basis,\u201d he remarked. According to him, ensuring widespread use for payments is key to making BTC indispensable.<\/p>\n

\u201cIf it just ends up being store of value and nothing more, I don\u2019t think it gains relevance at all. I think it has to be payments for it to be relevant on the everyday,\u201d Dorsey said, warning that otherwise Bitcoin risks \u201cjust not showing up in people\u2019s lives\u201d and slipping into obscurity.<\/p>\n

A noted Bitcoin advocate, Dorsey nonetheless believes that focusing solely on the Lightning Network<\/a>\u2014a leading Layer 2 solution\u2014could limit BTC\u2019s evolution. \u201cI think we can do better than Lightning,\u201d he said, clarifying that while Lightning \u201cisn\u2019t bad,\u201d it\u2019s merely one option. \u201cI don\u2019t think we just want to settle with having one Layer 2,\u201d he explained, emphasizing that Bitcoin benefits most from experimentation in payments and other applications.<\/p>\n

Dorsey consistently returned to the importance of open-source development, urging companies to fund Bitcoin Core and other community-driven projects without exerting control. \u201cHaving some sort of granting ability to open-source developers is important,\u201d he said, praising initiatives such as Spiral\u2014a BTC-focused division of Block\u2014along with independent grant programs like Brink and OpenSats.<\/p>\n

He also mentioned the emerging role of artificial intelligence and its interplay with BTC, envisioning a future where agents could seamlessly transact on behalf of users. \u201cIt\u2019s all about who you\u2019re asking permission from,\u201d he said. \u201cDevelopment goes faster if you have to ask for less permission.\u201d<\/p>\n

The setting for the interview, Presidio Bitcoin, underscores Dorsey\u2019s belief in bringing real-world communities together to foster deeper engagement. \u201cI think this is great because it is a bridge between Silicon Valley and all the energy down there, and Bitcoin,\u201d he noted, highlighting the need for physical spaces where ideas can germinate into tangible projects.<\/p>\n

From building more accessible wallets to reinforcing the permissionless nature of Bitcoin, Dorsey sees plenty of work ahead. When asked what single thought he would leave with newcomers, he insisted that nobody should rely on one person\u2019s word\u2014his included\u2014before diving into the space: \u201cDon\u2019t listen to anyone\u2019s single thought about Bitcoin,\u201d he said. \u201cWhat makes Bitcoin special is it\u2019s permissionless. You don\u2019t need anyone\u2019s permission to build what you want to see.\u201d<\/p>\n

At press time, BTC traded at $83,523.<\/p>\n

\"Bitcoin<\/div>\n","protected":false},"excerpt":{"rendered":"

In a \u201c21 and 21\u201d rapid-fire interview with Haley Berkoe at San Francisco\u2019s Presidio Bitcoin workspace, Jack Dorsey\u2014CEO of Block and former Twitter chief\u2014cautioned that BTC\u2019s growing popularity among major financial institutions could threaten the open ethos that gave rise to the world\u2019s largest cryptocurrency. \u201cIt probably harms it a bit,\u201d Dorsey said when asked […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-20431","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/20431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20431"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/20431\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}