- Block, a financial technology company led by Jack Dorsey, has decided to allocate 10% of its Bitcoin product profits towards purchasing crypto every month.
- The company’s Bitcoin holdings have increased from $220 million in 2020 to $573 million, a 160% increase.
- Dorsey has been known for his preference for Bitcoin, leading to speculation that the company’s crypto investments will be focused on BTC.
Block, led by Jack Dorsey, plans to use 10% of its Bitcoin product profits to buy crypto every month, increasing its current Bitcoin holdings of $573 million.
Block’s Bitcoin Investment Strategy
Block, formerly known as Square, has been investing in Bitcoin since 2020. The company’s Bitcoin holdings have seen a significant increase from $220 million in 2020 to $573 million. This increase has been attributed to the success of its Bitcoin-related products, particularly CashApp, which has become a major revenue stream for the company.
Bitcoin: A Preferred Investment
Jack Dorsey, the CEO of Block, has been vocal about his preference for Bitcoin. He has often referred to it as a valuable financial instrument and not a speculative asset like other cryptocurrencies. This has led to speculation that the company’s crypto investments will be primarily focused on Bitcoin.
Impact of Block’s Bitcoin Investment
Block’s decision to allocate 10% of its Bitcoin product profits towards purchasing crypto every month could have significant implications for the crypto market. If other companies follow suit, it could lead to increased institutional adoption of Bitcoin and potentially drive up its price.
Conclusion
Block’s decision to invest in Bitcoin is a testament to the growing acceptance of cryptocurrencies as a viable investment option. With the company’s Bitcoin holdings already at $573 million and set to increase with its new investment strategy, it will be interesting to see how this impacts the overall crypto market.
