Jack Dorsey’s Spiral warns Bitcoin is losing the payments race to stablecoins

Block-backed Bitcoin development group Spiral has warned that Bitcoin is struggling to gain traction as everyday money despite seven years of improvements to its payment technology, calling for ambitious proposals that could help it compete with increasingly popular stablecoins. Summary Spiral warns that Bitcoin’s everyday payment adoption remains weak despite seven years of technical progress. More than one million U.S. merchants can accept Bitcoin through Square, according to the report. Stablecoins dominate emerging AI-agent payment systems, prompting concerns over Bitcoin’s competitiveness. The group wants ambitious proposals to improve payment adoption within five years. Spiral identifies weak demand, price volatility and U.S. tax rules as major obstacles. According to Spiral’s new report, The Long Road to Bitcoin Payments, more than one million U.S. merchants can now accept Bitcoin through Square, while the Lightning Network has become easier to integrate into payment applications. Yet consumer spending remains limited, prompting the group to seek ideas capable of changing Bitcoin’s adoption trajectory within five years. The report comes as Stripe, Shopify and other payment p...