The debate: Is Bitcoin a payment method or a store of value?

The debate over whether Bitcoin should be viewed as a means of payment or a store of value remains unresolved. As the price consistently holds above 100,000 USD, along with the wave of ETFs, companies building Bitcoin treasuries, and the increasing involvement of financial institutions, the use of Bitcoin for small payments seems more alien than ever.

But is Jack Dorsey correct in saying that Bitcoin will fail if it only serves as a store of value and is not used for payments?

Bitcoin as a means of payment

Bitcoin was originally created as a payment system – a true form of cryptocurrency for peer-to-peer, private transactions. Its role as a store of value only emerged later as an added benefit. The creator of BitVM, Robin Linus, emphasizes:

"The purpose of Bitcoin is payment - while the store of value is just a secondary consequence."

However, over time, the dominant narrative surrounding Bitcoin has shifted significantly towards the image of "digital gold" and an investment asset for institutions. Influential voices like Dorsey and Linus argue that this has missed the original spirit and undermined the long-term sustainability of Bitcoin. Linus recalls history:

"The cypherpunk vision is clearly for cryptocurrency to be used for private, peer-to-peer payments. The concept of 'digital asset' emerged later from others. It is strange that this has become controversial."

Jack Dorsey also affirmed the viewpoint:

"I think Bitcoin must be used for payments to have meaning in everyday life. If not, it’s just something you buy and leave there, only used in emergencies or when liquidity is needed. If it doesn't successfully transform into a payment tool, it will lose relevance more and more – and for me, that is a failure."

Clear message from Satoshi

The first messages from Satoshi Nakamoto – from emails, forums to the legendary whitepaper – all show that he aimed for Bitcoin to become a cryptocurrency system used for payments.

In a discussion with Adam Back in 2008, Satoshi described Bitcoin as a breakthrough in creating a peer-to-peer cryptocurrency, inspired by previous "digital currency" projects and focused entirely on payment functionality. The proof-of-work mechanism was also presented by him as the foundation for realizing a currency on a distributed network.

The changing narrative: from currency to asset

Over time, Bitcoin has gradually been associated with concepts such as ETF, the "Number Go Up" marketing ( price only goes up ), or a hedge asset in investment portfolios. These factors bring liquidity and broader recognition, but at the same time, they also push the ecosystem away from solutions that serve ordinary people – a deviation from Satoshi's original vision.

Although Bitcoin is prominent as a "store of value", it still fades away from its core foundation: to become a digital, private, and peer-to-peer payment medium.

The future of Bitcoin: back or sideways?

The strong voices in the community – from Jack Dorsey, Robin Linus, Swan, to Satoshi himself – remind us that the true value and universality of Bitcoin can only be sustained if it becomes "currency in use," rather than just "store of value."

The host of Bitcoin Audible, Guy Swann, has even called for a serious public debate, inviting Dorsey, Linus, and other influential figures such as Michael Saylor, Saifedean Ammous, and Adam Back:

"I want the best people to make real arguments – not just slogans, moral postures, or quotes from the whitepaper."

If Bitcoin only stops at the role of store of value, the community risks losing the vision and functionality that once made it different. The future of Bitcoin as a payment medium depends on whether the community is willing to challenge the current narrative and restore the focus on payments, along with acceptance in real life.

Thach Sanh