Is Bitcoin’s future in circular economies or national reserves?

Some Bitcoin advocates say that the cryptocurrency has gotten away from its roots as a payment instrument and has become more akin to digital gold.

Bitcoin is seeing unprecedented adoption, with the US establishing a Strategic Bitcoin Reserve, but some prominent Bitcoin advocates believe the project is getting away from its roots.

Earlier this year, Jack Dorsey, a Bitcoin proponent and founder of Twitter, said that he believed if Bitcoin (BTC) becomes just a form of “digital gold,” then the project has failed. He said that a national Bitcoin reserve may be “good for the nation-state, but I don’t necessarily know if it’s good for Bitcoin.” 

Dorsey contended that Bitcoin needs to return to the white paper and work on becoming a form of peer-to-peer cash that can be transacted globally if it wants to become a success.

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