CEO of Block, Jack Dorsey Confirms Bitcoin Payment Integration on Square Terminals and Bitkey
In a recent interview with Bitcoin News, Jack Dorsey stated that Bitcoin (BTC) will have “failed” if it ends up being just a “store of value.” He emphasizes the importance of using Bitcoin as a currency for everyday payments in order for the cryptocurrency to remain relevant to the public.
“I think if it doesn’t transition to payments and find that everyday use case, it just gets increasingly irrelevant. And that’s failure to me,” stated Dorsey in the interview.
At press time, Bitcoin has gone down by 1.8%. BTC is currently trading hands at $83,078. It has managed to maintain a market cap of $1.6 trillion, the largest among all cryptocurrencies circulating in the crypto market today.
Manna Bitcoin Wallet founder Adam Simecka criticized Dorsey’s comments by pointing out that the former Twitter CEO has still failed to make Bitcoin payments available for users on Block’s Bitkey and Square’s terminals.
“It would be a simple flip of a switch and it hasn’t happened. This should have been the follow-up conversation,” said Simecka in a post that quoted Jack Dorsey’s interview.
Dorsey responded to Simecka by stating that it is not as simple as he made it out to be. Despite that, he confirmed that the Block team is currently working on making Bitcoin payments acceptable on the platform and on Bitkey.
“Not a simple flip of a switch but we are doing it,” said Jack Dorsey in a recent post.
Dorsey has been known to be a vocal advocate of Bitcoin, having launched a Bitcoin-specific hardware wallet called Bitkey through his start-up company Block in December 2023. Earlier in February last year, Block reported a profit of $2.52 billion in total from Bitcoin sales in the fourth quarter of 2023, increasing by 37% year-over-year.
Not only that, the firm’s mobile payment platform, Cash App, also generated a profit of $66 million from the sale of Bitcoin.