During the Investor Day celebration of his online payments firm ‘Block’ (formerly ‘Square,’ Twitter founder Jack Dorsey reiterated his support for Bitcoin, the world’s oldest and most valuable cryptocurrency. Dorsey predicted that Bitcoin will soon serve as the Internet’s native currency, referring to it as the “open standard for global money transmission.” Dorsey’s comments come at a time when Bitcoin and other popular cryptocurrencies are still struggling to recover from a slowed down-market momentum. At the time of writing, one Bitcoin was valued at $29,130. (roughly Rs. 22 lakh). Its previous all-time high was $67,567 (roughly Rs. 52 lakh) in November 2021.
Dorsey’s fintech firm, ‘Square,’ founded in 2009, was rebranded to ‘Block’ last year in order to include blockchain and Web3 services.
During the company’s investor day, the former Twitter CEO announced the Block roadmap for the coming days. He described Block as “an ecosystem of ecosystems,” emphasizing the app’s current range of services.
While Block began as an online payment platform, it has since expanded into the crypto and music streaming sectors.
“We are no longer just a payment provider.” “A lot has changed since our last investor day (2017),” Dorsey said, according to CNBC.
The 45-year-old tech tycoon wants to add more Bitcoin-related services to his Block app.
Block allowed Cash App users to exchange Bitcoin and stocks as gifts during the holiday season last December. Cash App’s parent company is Block.
“The Internet requires a native currency, and when looking at the entire ecosystem of technologies to fill this role, it’s clear that Bitcoin is currently the only candidate,” Dorsey reportedly stated. “Bitcoin’s development may appear to be slow in comparison to other candidates, but this is due to the deliberateness required to preserve the attributes required for money storage and transmission.”
Block already provides an open-source development platform called TBD that allows software engineers to use BTC and other blockchain technologies to’reinvent’ the global financial system as we know it.
Dorsey, a crypto enthusiast, has also announced the development of a hardware wallet and service to make Bitcoin ownership more mainstream.
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