Twitter founder and Block Inc. CEO Jack Dorsey, in a recent letter to shareholders, detailed why Block, the parent company of Cash App and Square, is focused on Bitcoin rather than other cryptocurrencies.
In the letter, Dorsey provides insight into the company’s strategy, vision for Bitcoin, and approach to enhancing its adoption in the long run.
Bitcoin as a Decentralized Protocol for Money
The CEO began by addressing a question frequently asked of Block’s management:
“Why is Block spending so much time on Bitcoin?”
Dorsey’s response reveals Block’s belief in Bitcoin as the foundational protocol for money that is not owned or controlled by any single entity.
block's entire shareholder letter was dedicated to why we're focused on bitcoin, not crypto. the internet needs decentralized digital cash.
we will do our part to help make it accessible, make it secure, and make it usable every day: https://t.co/oUOCNMppkg
— jack (@jack) May 10, 2024
Bitcoin, unlike other cryptocurrencies that may serve speculative purposes, is viewed by Block as the best candidate to become the native currency of the internet. Dorsey maintains that focusing on Bitcoin offers significant benefits for Block.
According to Dorsey, an open protocol for money allows the company to create a product experience that can be distributed globally. This eliminates the need to customize for different payment schemes. The resultant level playing field for both Block and its customers can then accelerate growth.
Block Inc’s Core Bitcoin Directives
Block’s Bitcoin strategy revolves around three core directives: accessibility, security, and usability. To make Bitcoin accessible, Cash App offers a simple platform where users can buy, hold, withdraw, or sell Bitcoin.
This has contributed to significant adoption, with over 21 million active users engaging with Bitcoin-related products. As per figures, in the first quarter of 2024, gross profit grew 22% year over year to $2.09 billion. Cash App generated a gross profit of $1.26 billion, up 25% year over year.
Additionally, Block recently developed and launched Bitkey to address concerns about Bitcoin security. Bitkey is a globally available non-custodial wallet that combines intuitive software with robust hardware security. Dorsey also highlighted Block’s efforts to make BTC usable in everyday transactions. This includes investment in Spiral, an open-source developer group.
Overall, Dorsey says Block is committed to Bitcoin and plans to invest 10% of its gross profit from Bitcoin products into monthly Bitcoin purchases, with a long-term goal of supporting the broader Bitcoin ecosystem.
Dorsey explains, “The rising tide of Bitcoin’s growth lifts all boats.”
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The post Twitter Founder Jack Dorsey Reveals Real Reason Block Is Pro-Bitcoin appeared first on CoinGape.
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