Jack Dorsey, the co-founder of Twitter and CEO of Block, has described Bitcoin as “an open protocol for money transmission” that “represents routing around the gatekeepers,” reinforcing his long-standing view that the network functions as financial infrastructure rather than a speculative asset.
Why Jack Dorsey Calls Bitcoin an Open Protocol for Money Transmission
Dorsey’s framing positions Bitcoin alongside foundational internet protocols like TCP/IP or SMTP. An open protocol is a set of rules that anyone can use, build on, or audit without asking permission from a central authority. Applied to money, the concept means value can move between parties without requiring approval from banks, payment processors, or other intermediaries.
The distinction matters because most digital payment systems today run on closed, proprietary rails. Visa, Mastercard, and Swift each control access to their networks. Bitcoin’s protocol, first outlined in the original 2008 whitepaper, operates on a peer-to-peer basis where any participant can send or receive transactions by running the software.
By calling Bitcoin a protocol for “money transmission” specifically, Dorsey draws attention to its function as a payment layer. This separates his view from the dominant narrative that treats Bitcoin primarily as a store of value or digital gold.
How Bitcoin Routes Around Financial Gatekeepers
The second half of Dorsey’s statement, that Bitcoin “represents routing around the gatekeepers,” borrows language from the early internet era. The phrase echoes John Gilmore’s well-known observation that the internet treats censorship as damage and routes around it.
In practical terms, Bitcoin’s permissionless design means no single entity can block a transaction or deny a user access to the network. Settlement happens directly between participants through a decentralized network of nodes and miners. This stands in contrast to traditional payment systems where intermediaries can freeze accounts, reverse transactions, or deny service based on internal policies.
For remittance corridors and regions with limited banking infrastructure, this open-access model carries particular relevance. Workers sending money across borders currently pay fees averaging 6% or more through traditional channels. Bitcoin transactions bypass those intermediaries entirely, though users still face network fees and exchange costs. Real-time fee estimates are publicly visible through tools like Mempool.space, reinforcing the network’s transparency.
That said, routing around gatekeepers does not mean operating outside all regulatory frameworks. Exchanges and on-ramps in most jurisdictions still require identity verification. The protocol itself is permissionless, but the ecosystem around it includes regulated touchpoints, as recent developments like Coinbase adding new spot trading pairs demonstrate.
Why Dorsey’s Bitcoin Framing Matters Right Now
Dorsey is not a casual commentator. Through Block (formerly Square), he has invested heavily in Bitcoin infrastructure, including open-source tools built on Bitcoin’s core network. His company’s Cash App remains one of the most widely used consumer Bitcoin wallets in the United States.
His framing of Bitcoin as infrastructure rather than an investment asset aligns with a broader shift in how parts of the industry discuss the network. While much of the crypto sector focuses on price movements and ETF flows, the infrastructure argument centers on utility, particularly for cross-border payments and financial access in underbanked regions.
This perspective connects to wider developments in the digital payments space. Companies including Meta have explored stablecoin-based creator payouts through Stripe and USDC, while Ripple has expanded partnerships aimed at institutional payment corridors. Dorsey’s argument is that Bitcoin, as a fully open protocol, offers something these proprietary solutions do not: a neutral, permissionless base layer.
Whether Bitcoin ultimately fulfills that vision depends on continued improvements to transaction speed and cost, particularly through second-layer solutions like the Lightning Network. Dorsey’s public statements continue to anchor a specific school of thought: that Bitcoin’s most important feature is not its price, but its architecture.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
