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- Jack Dorsey recently made a statement on X that is more than a semantic quibble; it highlights a growing philosophical divide.
- Ripple CTO stepped in to clarify: Bitcoin may not be ‘crypto’ as some use the term, but it is undeniably a crypto.
Jack Dorsey is an American tech entrepreneur best known as the co-founder and former CEO of both Twitter and Block, Inc. (formerly Square). Over the past decade, he has also become one of the most vocal and influential advocates of Bitcoin (BTC), the largest token with a market capitalization of about $2 trillion.
Jack Dorsey began publicly supporting Bitcoin around 2017, calling it the “native currency of the internet.” Unlike many tech figures who explore a range of cryptocurrencies, Dorsey has consistently focused almost exclusively on Bitcoin, and this has led the crypto community to question whether he is the real Satoshi Nakamoto.
Yesterday, Dorsey posted a short but explosive statement on X: “Bitcoin is not crypto””. The post quickly spread across the crypto community, generating comments, retweets, and think-pieces.
At the heart of the statement is a provocative idea: that Bitcoin is fundamentally different from the broader “crypto” industry. While most people see Bitcoin as a type of cryptocurrency, Dorsey appears to view it as something that transcends the usual “crypto” label or definition. A global monetary network rather than just another digital token.
Not long after Dorsey’s post, David Schwartz, the Chief Technology Officer of Ripple, who is set to step down after 13 years in the role, issued a clarification. Schwartz wrote: “Bitcoin is not crypto” =/= “Bitcoin is not a crypto”.
Dorsey may not be denying that Bitcoin is a cryptocurrency in the technical sense. Rather, he was distinguishing Bitcoin from the broader “crypto industry”, a space that includes thousands of altcoins, tokens, DeFi projects, and speculative assets.
One user pushed back on Dorsey’s remark, arguing that crypto is short for cryptocurrency, which by definition refers to cryptographic currency. They noted that since the Bitcoin protocol depends on cryptography to secure and validate new blocks on the ledger, denying that Bitcoin is part of crypto creates confusion and undermines the basic terminology of the space.
While the debate played out online, we earlier reported on Block, Inc.’s plans to bring Bitcoin payments to Square merchants. The move, unveiled at the Bitcoin 2025 Conference in Las Vegas on May 27, is expected to reshape how millions of small businesses handle transactions, with full rollout anticipated by 2026.
“Uptober”, not Uptober anymore
October hasn’t quite lived up to Bitcoin’s traditional “Uptober” reputation. Early in the month, on October 6, BTC reached a new all-time high of $126,000, backed by strong ETF inflows. Historical data from CoinGlass shows that Bitcoin has averaged over a 46% return in October since 2013.
However, the market quickly cooled, and on October 11, Bitcoin dropped more than 10% after U.S. President Donald Trump announced a 100% tariff on Chinese tech exports along with broad restrictions on critical software, sending BTC to a low near $104,582.
The rest of the month has been volatile, with Bitcoin dipping to $103,000 last week, rebounding to $107,000 yesterday, and currently trading around $111,000 after a 3% daily surge. Despite a 2.87% decline over the week, trading volume has surged 105% to $57 billion.
Looking ahead, Jack Dorsey remains bullish on Bitcoin’s long-term trajectory, having predicted in 2024 that it could reach at least $1 million by 2030 and beyond, while market analyst Joao Wedson expects Bitcoin to climb to between $143,700 and $146,300 before the current cycle concludes.
