The Bitcoin community is revisiting fundamental questions about the asset’s purpose after Jack Dorsey, co-founder of Block, argued that Bitcoin will be considered a failure if it is only treated as digital gold rather than used as a medium of exchange. The remarks, which trace back to a January 2025 interview, resurfaced on Oct. 28, 2026, and are fueling debate over whether nation-state reserves and institutional holding truly advance Bitcoin’s original peer-to-peer transaction vision.
Dorsey’s position challenges the dominant store-of-value narrative, emphasizing practical everyday usage as the benchmark for success. His comments arrive while Bitcoin is testing the $64,000 to $65,000 resistance range, a key battleground where buyers have repeatedly struggled to break through and sellers remain firmly defensive. Traders are watching this zone closely for signs of a momentum shift.
Meanwhile, Jack Mallers added to the conversation by highlighting Bitcoin’s fixed supply dynamics relative to gold. He noted that unlike gold, where higher demand can incentivize more supply, Bitcoin’s 21 million coin cap prevents such a response. This structural scarcity, combined with renewed focus on utility, is shaping sentiment around Bitcoin’s long-term adoption and near-term price direction.
