Bitcoin (BTC) pioneer Jeff Garzik has said that while the leading cryptocurrency may not have evolved into a means of payment as he first envisaged, it is still “unquestionably a success” as a store of value, in an interview with Bloomberg Nov. 9.
Speaking soon after Bitcoin’s 10th anniversary, Garzik – reportedly the “third-biggest contributor” to Bitcoin’s code and one of Bitcoin creator Satoshi Nakamoto’s key collaborators – told the publication:
“It hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept Bitcoins. But on the store-of-value side it’s unquestionably a success.”
Bloomberg cites a recent study from blockchain intelligence firm Chainalysis that suggests Bitcoin’s use as private money in commerce is indeed on the decline, even as its popularity as an asset – as digital “gold” – has had significant traction among investors.
Unfazed by the twists and turns of the project’s evolution, Garzik stated, “Bitcoin is an organism, it’s something that evolves.” He then adopted a solicitous tone, remarking that, “as a father I enjoy watching my kids grow up, even as they make mistakes or grow in ways that I wouldn’t expect.”
As Bloomberg outlines, Garzik began writing software code for Bitcoin as early as July 2010, after reading a blog post about the as yet incipient project. The article portrays the crypto trailblazer at the time as “working remotely for open-source powerhouse Red Hat Inc. from an RV parked in an empty lot in Raleigh, North Carolina.”
In Bitcoin’s infancy, Garzik, now 44, reportedly corresponded privately with Nakamoto via email and the Bitcointalk forum,