‘Bitcoin is Not Crypto,’ Says Jack Dorsey

In a pithy post on his platform X (formerly Twitter), tech‑entrepreneur Jack Dorsey reignited one of the more persistent debates in the digital‑asset niche by declaring, simply: ‘bitcoin is not crypto.’

The tweet, which generated thousands of responses within hours, comes from a man long associated with the crypto‑world not just as an outspoken supporter of Bitcoin, but also as someone who has been relentlessly (though unprovenly) linked to the identity of Satoshi Nakamoto, Bitcoin’s pseudonymous creator.

What Did He Mean Exactly?

Dorsey’s assertion appears rooted in an interpretation of Bitcoin that distinguishes it from the broader crypto category of digital assets. As he points out, the original Bitcoin white paper makes no mention of the term crypto. Instead, it describes BTC as ‘a purely peer‑to‑peer version of electronic cash’ and “an electronic payment system based on cryptographic proof instead of trust.’

To corroborate his notion, in an earlier post, Dorsey wrote simply: ‘Bitcoin is money,’ pointing to his own company, Block, Inc. (formerly Square) endorsing zero‑fee Bitcoin payments as evidence of Bitcoin serving the function of money, not just a speculative token.

Enthusiasm & Pushback

Unsurprisingly, the reaction in the crypto community was in equal measure swift and divided. Some Bitcoin maximalists cheered Dorsey’s framing. They see his words as a reaffirmation of Bitcoin’s unique role in the digital‑asset universe.

Others bristled, arguing that Bitcoin emerged from the same technological foundations of cryptography and distributed consensus that underpin the term ‘crypto’ more broadly.

One of them is David Schwartz, a long‑time industry technologist and a former CTO of Ripple, who admitted confusion at Dorsey’s words: ‘I don’t really know what Jack was trying to communicate here. I think he’s somehow trying to say that bitcoin should be seen as a payment system rather than a speculative asset. But I don’t know.’

The Bigger Picture: Bitcoin’s Role and Value

This debate coincides with recent market data that shine a light on Bitcoin’s actual performance amid turbulence.

According to a recent report, Satoshi Nakamoto’s holdings of Bitcoin have declined by more than $20 billion from their all‑time peak, as the crypto market experienced a massive downturn in early October. Those wallets reportedly contain over 1 million BTC, valued today at over $117 billion, though at the high point they stood at roughly $136 billion.

The crash, triggered by a large liquidation event and exacerbated by macro‑and‑liquidity factors, affected altcoins even more severely, some losing up to 99% of value.

This resilience of Bitcoin, losing ‘only’ tens of billions while the broader market collapsed, bolsters Dorsey’s possible point: that Bitcoin may indeed be playing a different role than most crypto assets. If Bitcoin is money (or aiming to be), its value proposition might differ from protocol tokens whose fortunes swing wildly on ecosystem growth and speculative ebbs and flows.

As for what Dorsey’s prophetic words mean for Bitcoin casinos, well, so long as BTC payments keep popping up in the blockchain, it’s as good as crypto.

Debate Here to Stay

Nevertheless, the disputed nature of BTC is likely to remain a hot topic for years to come.

Jack Dorsey’s provocative statement of Bitcoin not being a crypto may sound like shorthand and designed to shock as well as instruct, but it punches at the heart of a long‑standing conversation in the blockchain space. Is Bitcoin simply the original crypto‑asset, or is it a separate class entirely?

The timing of his remarks couldn’t be more on point, too, with dips in Satoshi‑linked holdings, massive market shocks and ongoing regulatory flux. Semantic framing matters and whether Bitcoin is seen as crypto, crypto 2.0, or digital money will inevitably shape how it is perceived by users, investors, and regulators.