US President Donald Trump's announcement of mutual taxes with 185 countries, including China, had a negative impact on Bitcoin and altcoins.
Because Trump imposed an additional 34% tax on the tax imposed on China, and China responded with retaliation.
While the tension between the US and China and Trump's statements have caused BTC and altcoins to drop to levels not seen for a long time, important BTC statements came from Block CEO Jack Dorsey.
Jack Dorsey recently appeared on the “Presidio Bitcoin” podcast, claiming that Bitcoin will ultimately fail if it is used solely as a store of value and does not become a payment method.
Dorsey noted that Bitcoin has strayed from its original vision as a “peer-to-peer electronic cash system” outlined in the whitepaper, advocating for the development of fast, private and secure payment solutions and the inclusion of Bitcoin as a payment method.
Stating that Bitcoin is a store of value comparable to gold and that many people have invested in BTC, Dorsey said that even if this is a success, if Bitcoin is not accepted as a payment method, it risks extinction as a result.
“I think for Bitcoin to continue to exist in everyday life, it needs to be used for payments.
Otherwise, it's something you buy and forget about, and only use in emergencies or when you want to get liquid again.
So if it's not used for payments and doesn't find everyday use, Bitcoin becomes less and less relevant. And that's a failure for me.”
*This is not investment advice.
