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In a definitive statement that challenges conventional categorization, Jack Dorsey, CEO of Block and Twitter co-founder, declared on platform X that “Bitcoin is not a cryptocurrency, Bitcoin is currency.” The post, made on the 19th, reinforces his long-standing campaign to position Bitcoin not merely as a digital asset, but as a legitimate and functional form of money.
bitcoin is not crypto
— jack (@jack) October 19, 2025
Dorsey argues that current regulations and payment processing fees have distorted Bitcoin’s original purpose as a peer-to-peer electronic cash system, as outlined in Satoshi Nakamoto’s whitepaper. He identifies the U.S. tax code’s treatment of crypto as property and the taxation of small transactions as major barriers to its everyday use.
Dorsey’s Blueprint: Making Bitcoin a Functional Currency
Through his company Block, Dorsey is actively building the infrastructure for Bitcoin’s daily use via Square, Cash App, and the Lightning Network. This vision is already materializing with “Square Bitcoin,” a payment and wallet solution announced on October 8, 2025, which became available at over 4 million U.S. merchant locations starting November 10, 2025. The service features zero processing fees until the end of 2026, after which a 1% fee will apply.
The commercial rollout was preceded by pilot programs, including a public demonstration at a Compass Coffee shop in Washington D.C. Dorsey’s lobbying for de minimis tax exemptions for small Bitcoin payments has also gained political traction, culminating in Senator Cynthia Lummis introducing a bill in July 2025 to exempt transactions under $300 (with an annual cap of $5,000).
Market Reaction and Bitcoin’s Future Trajectory
Dorsey’s proclamation came amidst significant market volatility, with Bitcoin’s price falling from over $109,000 to near $105,000, liquidating over $1 billion in crypto positions within 24 hours.
His vision is garnering corporate support, evidenced by Tether donating $250,000 to OpenSats to support Bitcoin development. However, debates continue on whether such funding is sufficient to accelerate development at the needed pace.
Market participants are closely watching Bitcoin’s potential evolution from a speculative asset to a standard transaction currency, a shift that could fundamentally alter its market dynamics and value proposition. The prospect of fee-free Bitcoin payments presents a significant economic opportunity for small businesses typically burdened by traditional payment processor fees.
Analysts caution that while Dorsey’s narrative is powerful, real-world market metrics like Bitcoin dominance and spot ETF inflows will be the ultimate determinants of price and adoption. If Dorsey’s blueprint fully materializes by 2026, it could mark a pivotal turn in Bitcoin’s journey toward becoming a mainstream payment system.
