The Real Threat to Bitcoin Payments Isn’t Tech, Jack Dorsey’s Team Says

Spiral, the Bitcoin development team at Jack Dorsey’s Block, says Bitcoin payments suffer from weak demand, not weak technology. Meanwhile, major payment firms are building their new rails around stablecoins instead. The team frames the stakes as irrelevance or a long, expected grind, and says the time to act is now. If stablecoin rails lock in first, Bitcoin holders may own an asset that few people spend. Why Do Merchants and Holders Both Pass on Bitcoin? The technology gap has largely closed, the team says. Lightning, a layer on top of Bitcoin for fast, cheap transfers, now runs in production. More than one million US merchants can accept Bitcoin through Square, according to Spiral. Yet few people spend it. Holders would rather save than spend.

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