Spiral Warns Bitcoin Falling Behind in Payments Race Despite Lightning Network Growth
Jack Dorsey's Spiral expresses concerns over Bitcoin's lagging adoption as a payment method compared to stablecoins.
Jack Dorsey's Spiral expresses concerns over Bitcoin's lagging adoption as a payment method compared to stablecoins. Bitcoin (BTC) is trading at $80,811.00. This is an original TLT brief based on reporting by Crypto.news, with live market data added, as of Wed, 28 Oct 2026 06:45:03 UTC.
This development highlights the ongoing debate about Bitcoin's evolving role in the crypto ecosystem, with implications for its long-term value proposition and adoption as a transactional currency versus a store of value.
- Spiral criticizes Bitcoin's slow progress in everyday payments.
- Lightning Network TVL at $277.3M but growth remains modest.
- Dorsey emphasizes Bitcoin's original purpose as a currency, not just digital gold.
- Kaiko Reports Ongoing Struggles in Crypto Market Despite Recent Bitcoin Growth
- Circle CEO Advocates for Digital Dollars Amid AI Growth, Despite Bitcoin Slump
- Bitcoin Network Activity Surges Despite Stagnant Miner Fees
- Kaspa Network Processes More Transactions Than Bitcoin Despite Price Struggles
- Bitcoin Network Processes $5B Despite Low Miner Fee Revenue
- Lightning Network Implements Stricter Invoice Rules After Reported Exploit
- Spiral Warns Bitcoin Falling Behind in Payments Race Despite Lightning Network Growth — this brief
Jack Dorsey's Spiral has issued a warning that 
Bitcoin is falling behind in the race to become a widely adopted payment method, despite the growth of the Lightning Network. The statement underscores concerns that Bitcoin's transaction capabilities are not evolving quickly enough to compete with stablecoins and other emerging crypto payment solutions.
According to DeFiLlama, the total value locked in the Lightning Network currently stands at $277.3 million, representing a 7-day decrease of 4.4%. While the Lightning Network represents a significant technological advancement for Bitcoin, its growth trajectory appears to be lagging behind the rapid adoption of stablecoins for everyday transactions.
Spiral's warning comes amid a broader debate about Bitcoin's fundamental purpose. Multiple outlets, including Coinfomania, report that Dorsey emphasized Bitcoin's original mission as a peer-to-peer electronic cash system, rather than just a store of value. This perspective suggests that Bitcoin's current trajectory may be at odds with its founding principles.
The broader crypto market remains in a state of cautious optimism, with the total market cap at $2.78 trillion and Bitcoin trading at $38,081, up 1.26% in the last 24 hours. However, the Fear & Greed Index remains at a Neutral level of 51, indicating that market sentiment is balanced between fear and greed.
The implications of this development are significant for Bitcoin's future. If Bitcoin fails to establish itself as a viable payment method, it could limit its utility and potentially impact its long-term value. Observers will be watching closely to see if new initiatives emerge to address these challenges and whether the Lightning Network can gain more traction in the coming months.
Since this brief published about 2 hours ago, Bitcoin (BTC) has moved from $80,811.00 to $80,811.00 — +0.00%.
The chart plots BTC's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
Will Bitcoin reach $82,500 in October?
Crowd-implied probability on Polymarket, $93.38K 24h volume, resolves Nov 1 — snapshotted when this brief published (Oct 28 06:05 UTC). A market price reflects what traders collectively expect; it is not a forecast by TLT and will have moved since. View the market ↗
At today's peer-to-peer rate, 1 BTC ≈ ₦111.72M (about $80,811.00), up 1.5% over 24 hours. The naira itself trades about 2.1% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 28, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Spiral Warns Bitcoin Falling Behind in Payments Race Despite — questions & answers
What is the Lightning Network's current TVL?
The Lightning Network's TVL is $277.3 million, according to DeFiLlama.
Why is Bitcoin's payment capability under scrutiny?
Bitcoin's payment capability is under scrutiny because it is perceived to be lagging behind stablecoins in everyday transaction adoption.
How much is 1 Bitcoin worth in naira today?
About ₦111.72M at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $80,811.00. The naira price moves with both BTC's US-dollar price and the USDT/NGN rate; use our Bitcoin in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Crypto.news. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.