Bitcoin, the world’s most recognized cryptocurrency, is once again in the spotlight as it grapples with significant challenges. Recently, Jack Dorsey, co-founder of Twitter and CEO of financial services company Block, raised alarms about Bitcoin’s future, warning that it might fail if it does not become relevant for everyday transactions. This statement comes at a time when Bitcoin has lost around 13 percent of its value since the beginning of the year, largely due to geopolitical tensions, new tariffs, and a generally uncertain market environment.
During a podcast conversation with Haley Berkoe, a product marketing manager at the Bitcoin development firm Spiral, Dorsey expressed his concerns about Bitcoin’s trajectory. “I think it has to be about payments to be relevant in everyday life. Otherwise, it’s just something you buy and forget, only to use in emergencies or when you want to liquidate. So, if it’s not used in payment transactions and doesn’t find everyday use cases, it will become increasingly irrelevant. And that is a failure for me,” he stated.
Dorsey’s comments challenge a widely held belief within the cryptocurrency community that views Bitcoin primarily as a store of value, akin to gold, rather than a functional currency for everyday transactions. This ongoing debate about Bitcoin’s purpose has been a point of contention among its supporters. Should Bitcoin serve as digital gold, a safe haven during inflation and instability, or should it be an alternative payment method for daily use?
Dorsey believes that Bitcoin risks losing its original vision as a peer-to-peer cash system, as outlined in Satoshi Nakamoto’s white paper. He emphasized the need for Bitcoin to return to its roots by facilitating fast, secure, and privacy-friendly transactions. His company, Spiral, is actively working on solutions to enhance Bitcoin’s usability as a payment method.
In parallel to Dorsey’s warnings, another significant development in the Bitcoin ecosystem is the introduction of Bitcoin Thunderbolt, a new soft fork that officially launched on April 15, 2025. This upgrade, initiated by Satoshi-era miners and Bitcoin whales, promises substantial technical improvements, including UTXO Bundling and the OP_CAT feature. These enhancements aim to revolutionize Bitcoin’s scalability and usability.
UTXO Bundling significantly increases the on-chain throughput rate by compressing transaction data, while OP_CAT allows for native programmability of Bitcoin, a long-awaited feature. The introduction of Thunderbolt has garnered considerable interest within the Bitcoin community, with many longtime users and miners believing that these changes will address issues that have previously hindered Bitcoin’s growth.
One experienced Bitcoin miner, who has been in the field for nearly a decade, remarked, “I have been following this technology since last year and didn’t expect it to be implemented so quickly. A real soft fork, live and operational, it feels like a new era for Bitcoin has begun.” To access Thunderbolt, users must obtain a Boosting Code, which is distributed through eligible partners and communities. These codes are associated with rare Bitcoin rewards and early access opportunities.
The first round of Boosting Codes has already been allocated, and future waves are expected to be even more competitive. As participation increases, Thunderbolt is poised to become the official standard for Bitcoin, supported by a collective effort from miners, Bitcoin Core developers, and early adopters who believe in Bitcoin’s future.
Moreover, Bitcoin Thunderbolt’s impact is already being felt. A small mining pool, selected by Nubit as a test partner for the upgrade, saw its hash rate soar from 800 TH/s to an impressive 16.97 EH/s, placing it among the top 10 mining pools worldwide. With Bitcoin Thunderbolt, transactions are immediate, and the network operates smoothly on Bitcoin Core, making Bitcoin feel faster, simpler, and ready for real-world applications.
In an environment where Bitcoin’s value has fluctuated due to various external pressures, experts assert that Bitcoin has remained relatively stable. They suggest that now might be an opportune time to start a savings plan, as a recent calculation from WELT indicated a staggering 2400-percent chance of success.
As the cryptocurrency landscape evolves, the discussions surrounding Bitcoin’s future and its role in the global economy become increasingly pertinent. Jack Dorsey’s call for Bitcoin to reclaim its identity as a payment method rather than merely a store of value resonates deeply within the community. With the advent of Bitcoin Thunderbolt, the potential for Bitcoin to fulfill its original purpose may finally be within reach.
In conclusion, the path forward for Bitcoin is fraught with challenges, but the recent developments signal a pivotal moment in its evolution. Whether Bitcoin can adapt and thrive as a practical payment solution remains to be seen. However, with influential figures like Dorsey advocating for change and technological advancements like Thunderbolt on the horizon, the future of Bitcoin may still hold promise.
