The CEO of Block, Jack Dorsey, has confirmed that the company is making strides toward enabling Bitcoin payments on its Square terminals and Bitkey.
In a recent interview, Dorsey expressed that if Bitcoin (BTC) becomes merely a “store of value,” it will have “failed.” He highlighted the necessity of Bitcoin serving as a currency for everyday transactions to maintain its relevance in the eyes of the general public.
“If it doesn’t evolve into a medium for payments and establish an everyday use case, it risks becoming increasingly insignificant. To me, that’s a failure,” Dorsey remarked during the discussion.
At the time of reporting, Bitcoin had decreased by 1.8%. BTC was trading at $83,078, retaining a market capitalization of $1.6 trillion, making it the largest cryptocurrency in circulation today.
Adam Simecka, founder of the Manna Bitcoin Wallet, criticized Dorsey’s remarks, noting that the former Twitter CEO has yet to make Bitcoin payments accessible for users on Block’s Bitkey and Square’s terminals.
“It would be as simple as flipping a switch, yet that hasn’t occurred. This should have been the key point in the conversation,” Simecka commented, referencing Dorsey’s statements.
Dorsey responded to Simecka, asserting that the process is not as straightforward as it might seem. Nevertheless, he reiterated that the team at Block is actively working on integrating Bitcoin payments into the platform and Bitkey.
“It’s not simply flipping a switch, but we are progressing,” said Dorsey in a recent post.
Known for his strong support of Bitcoin, Dorsey launched a Bitcoin-specific hardware wallet called Bitkey through Block in December 2023. Earlier, in February of the previous year, Block reported a total profit of $2.52 billion from Bitcoin sales in the fourth quarter of 2023, reflecting a 37% increase year-over-year.
Additionally, the company’s mobile payment platform, Cash App, also generated a profit of $66 million from Bitcoin sales.