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Being more bullish on Bitcoin than other cryptocurrencies, Jack Dorsey made deliberations on the evolution of the Block company and the role of Bitcoin in its fate.
Jack Dorsey, the CEO and co-founder of San Francisco-based company Block, has expressed his unrelenting belief in the potential of Bitcoin as he calls it the “only candidate” for native internet currency.
Since 2017, the company held its first investor day after 5 years, where the executives made assertions that the firm should be valued as an “ecosystem”, claiming it has grown beyond just a payment company.
Bitcoin’s Role in the Future of Block
According to a recent report from CNBC, the event saw Jack Dorsey making a case for Bitcoin as to its relevance in the future of Block. Being more bullish on Bitcoin than other cryptocurrencies, Jack Dorsey made deliberations on the evolution of the company and the role of Bitcoin in its fate.
Apparently, the company believes that crypto is a secular trend where it could exclusively fit well although Bitcoin could only account for about 5% of its gross profits as of the end of Q1, 2022. The company’s initial venture into the leading cryptocurrency began when it debuted Bitcoin trading via the Cash App, holding it on its balance sheet as an alternative to cash.
Furthermore, it extended its crypto ventures to launching a bitcoin hardware wallet, a bitcoin-mining business, and TBD, an open-source business created for developers. Amongst all of these is also Spiral, Block’s powered independent, Bitcoin-focused business.
While expressing his take on the potentials of Bitcoin in being part of the determinants of the fate of Block, Dorsey said:
“…internet requires a currency native to itself, and in looking at the entire ecosystem of technologies to fill this role, it’s clear that bitcoin is currently the only candidate.”
“Its development may feel slow relative to other candidates, but that’s a result of the deliberateness required to preserve the attributes necessary for money storage and transmission,” Dorsey added.
Although Bitcoin has seen an incredible downward trend of more than 50% from its high since 2021, Jack Dorsey still seems to retain his stance on the cryptocurrency as he claims it will aid the growth of the entire business and allow it to move faster globally.