Block’s BTC Investment Strategy: Why Jack Dorsey’s Firm Dedicates 10% of Bitcoin (BTC) Profits Monthly
full version at en.coinotag
- Block, a financial technology conglomerate owned by X co-founder Jack Dorsey, has announced plans to invest 10% of all profits made from bitcoin-related products in monthly BTC purchases.
- The decision was outlined in a Q1 2024 earnings report, where Dorsey addressed investors’ concerns about Block’s focus on the largest cryptocurrency.
- Dorsey believes that bitcoin is the best candidate for a decentralized open protocol for money, which he sees as a necessity for the world.
Block, owned by Jack Dorsey, plans to invest 10% of bitcoin-related profits in BTC purchases, aiming to make BTC more usable for everyday transactions and become the native currency of the internet.
Block’s Bitcoin Investment Strategy
Dorsey explained that bitcoin is the only viable candidate for a decentralized open protocol for money. He believes that BTC will eventually become the native currency of the internet, serving users worldwide without the need for hundreds of payment schemes and intermediaries. Block aims to make BTC more usable for everyday transactions, addressing the problem Satoshi Nakamoto, the pseudonymous creator of bitcoin, outlined in the project’s white paper: the lack of an electronic payment system based on cryptographic proof instead of trust.
