Jack Dorsey says Bitcoin (BTC) is the future for Square owner Block (SQ)…
Earlier this month, SQ held its first investor day in five years. During the event, CEO Jack Dorsey noted that while the company initially made its mark as a payments app, it will drastically expand its crypto-related efforts.
He added that even though it has already started this process, SQ has the opportunity to become an “ecosystem” for cryptocurrency services.
Currently, the company offers peer-to-peer payments, credit-card readers, and Cash App offerings. It has also dipped its toes into the music-streaming space… as well as the stock and crypto-trading markets.
However, Dorsey believes SQ will need to go all-in on Bitcoin to drastically improve its revenue and profit margins to capitalize on the growing trend and establish itself as a market leader before cryptocurrencies become a standard payment option worldwide.
This is a major reason why SQ has already created a Bitcoin hardware wallet. It’s also why it has established a Bitcoin-mining operation and segment dedicated to helping developers.
But as the company further accelerates its investments in Bitcoin, it will make the digital asset easier to access for its millions of users.
And as this happens, it will not only boost SQ’s financial performance, but also provide a major boost to Bitcoin’s ongoing shift into the mainstream market – likely enabling its value to rally over the long term.
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