Bitcoin Rebounds After Jack Dorsey Declares “Bitcoin Is Money”
Social media buzz and macro tailwinds lift BTC back above $110K as investor sentiment revives.
Bitcoin bounced nearly 3% in 24 hours to reclaim the $110,000 level after Jack Dorsey reignited market enthusiasm by reaffirming his conviction that “Bitcoin is money.” His remarks underscored growing optimism about Bitcoin’s role as a monetary network rather than a speculative crypto asset.
Dorsey’s Posts Spark a Market Reaction
Bitcoin prices climbed from $103,598 on October 17 to $110,222 by October 20, a 2.82% rebound, according to CoinMarketCap. The surge followed a series of posts on X by Dorsey, the co-founder of Block Inc., who reposted a message celebrating the rollout of Bitcoin payments among Square Sellers with “zero processing fees in 2026.”
His simple declaration, “Bitcoin is money,” quickly went viral, drawing renewed attention to his long-standing view that Bitcoin is a decentralized, censorship-resistant monetary system distinct from “crypto” speculation.
Buying Momentum Returns as ETF Flows Stay Positive
Data from CoinSwitch Markets Desk indicated that October’s Bitcoin ETF flows remain net positive, despite intermittent outflows amid macro uncertainty. Analysts said the earlier correction, driven by portfolio rebalancing and lower U.S. Treasury yields, attracted long-term buyers back into the market.
Daily trading volume rose to $55.9 billion, while Bitcoin’s market cap reached $2.19 trillion, reinforcing its dominance in the digital asset space. Traders now eye resistance between $108,000 and $110,000; a breakout could trigger short covering toward $112,000–$115,000 levels.
Macro Forces Still Loom Large
The rebound arrives ahead of Friday’s delayed U.S. CPI report and the Federal Reserve’s policy meeting on October 28–29, both key events that could sway risk appetite across global markets. A weaker dollar and falling bond yields have historically provided fuel for Bitcoin rallies, especially as investors rotate out of traditional assets like gold, which recently surged past $4,300.
Bottom Line
Jack Dorsey’s reaffirmation of Bitcoin’s monetary identity, not merely its speculative potential, seems to have reignited confidence at a delicate macro moment. Whether the momentum holds will depend on ETF inflows and inflation data later this week.
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