Jack Dorsey, the founder of Twitter, has disclosed the genuine motivation behind Block Inc.'s enthusiastic endorsement of Bitcoin and its associated network.

In a recent communication to shareholders, Jack Dorsey, the founder of Twitter and CEO of Block Inc., which oversees Cash App and Square, elucidated the rationale behind the company's emphasis on Bitcoin over other digital currencies.

Dorsey's message delves into Block's strategic direction, vision for Bitcoin, and its approach to fostering widespread adoption over the long term.

Bitcoin as a Decentralized Financial Protocol

Addressing a common query posed to Block's leadership - "Why is Block so dedicated to Bitcoin?" - Dorsey's response unveils Block's conviction in Bitcoin as the fundamental protocol for money that operates independently of any single authority.

In contrast to other cryptocurrencies that may primarily serve speculative purposes, Block perceives Bitcoin as the prime contender to become the universal currency of the internet. Dorsey asserts that concentrating on Bitcoin yields substantial advantages for Block.

Dorsey elaborates that an open financial protocol enables the company to craft a product experience that can be universally accessible. This eliminates the necessity for tailoring to various payment systems, fostering an equitable environment that can propel growth for both Block and its clientele.

Block Inc's Fundamental Bitcoin Principles

Block's Bitcoin strategy revolves around three fundamental principles: accessibility, security, and usability. Cash App provides a straightforward platform for users to purchase, hold, transfer, or sell Bitcoin, enhancing accessibility.

This approach has led to significant adoption, with over 21 million active users engaging with Bitcoin-related services. Notably, in the first quarter of 2024, gross profit surged by 22% year over year to $2.09 billion. Cash App specifically generated a gross profit of $1.26 billion, marking a 25% increase year over year.

Moreover, Block recently introduced Bitkey, a globally accessible non-custodial wallet that integrates user-friendly software with robust hardware security to address Bitcoin security concerns. Dorsey also highlighted Block's endeavors to promote the practical use of BTC in daily transactions, including investments in Spiral, an open-source developer collective.

In conclusion, Dorsey affirms Block's unwavering commitment to Bitcoin, intending to allocate 10% of its gross profit from Bitcoin-related services towards monthly Bitcoin acquisitions, with a strategic objective of bolstering the broader Bitcoin ecosystem. Dorsey encapsulates this vision by stating, "The growth of Bitcoin benefits all involved parties."