Jack Dorsey Says Bitcoin Represents Bypassing Gatekeepers
Jack Dorsey, founder of Twitter and Cash App, stated that Bitcoin represents a mechanism to bypass existing gatekeepers in the financial system.
Bitcoin, as an open protocol, enables permissionless value transfer without the control of any single company or institution, allowing anyone to build and participate directly.
Bitcoin supporters and self-custody users buy and hold Bitcoin, shifting funds from traditional banks and centralized financial systems to decentralized protocols, benefiting Block and participants in the Bitcoin ecosystem, while existing financial gatekeepers face pressure on traffic and control.
Source: Public Information
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Jack Dorsey has been promoting Block (formerly Square) to heavily invest in Bitcoin since 2018, with Cash App supporting Bitcoin buying and self-custody withdrawals. He has publicly supported Bitcoin as an internet-native currency since his Twitter days, and this statement continues his long-standing minimalist stance on Bitcoin.
In terms of capital pathways, Block directs user funds into the Bitcoin ecosystem through Cash App, Square, and Bitkey hardware wallets, while disclosing the company's and customers' Bitcoin holdings (over 28,000 BTC) to achieve transparent verification via Proof of Reserves. This raises resources for Bitcoin payments, automatic accumulation, and self-custody infrastructure, forming a closed-loop payment network that bypasses traditional banks.
Similar to the early internet's transition from closed services to open protocols, Block is in the mid-expansion phase of Bitcoin's transformation from "store of value" to "everyday payments and self-custody infrastructure," having made Bitcoin a core long-term strategy.
Essentially, this represents a technological replacement: traditional finance relies on centralized gatekeepers like banks and payment companies to control the flow of funds, while Bitcoin achieves peer-to-peer transmission through decentralized protocols, directly replacing the middle-layer permissions and fee structures, concentrating capital on permissionless infrastructure, and reconstructing value transfer from a "controlled pipeline" to an "open routing" mechanism.