Jack Dorsey Redefines Bitcoin as Currency, Aims for Zero-Fee Payments by 2026

Jack Dorsey, CEO of Block, has publicly declared that Bitcoin should be considered a currency rather than a cryptocurrency, stating at a recent event, "Bitcoin is not crypto, bitcoin is money." This announcement aims to reshape Bitcoin's perception in digital finance circles and shift its narrative from a speculative asset to a mainstream payment method.

Dorsey outlined plans to integrate zero-fee Bitcoin payments across Block's platforms, including Square and Cash App, with a target implementation date of 2026. The immediate market reaction was significant, with over $1 billion in liquidations reported as Bitcoin's price dropped amid the rebranding efforts.

This rhetoric adjustment could influence future financial and regulatory frameworks, potentially affecting how Bitcoin is treated in tax and cryptographic contexts. Historical precedents, such as El Salvador's legal adoption of Bitcoin, suggest possibilities for increased transaction volumes but continued volatility. Industry experts are observing potential shifts in market dynamics and trends, with stakeholders evaluating Bitcoin's enhanced utility in transactional frameworks.