Bitcoin Is The Internet’s Only Money According To Jack Dorsey

Bitcoin is the internet’s only money according to former Twitter CEO Jack Dorsey, and now Block CFO Amrita Ahuja said that the company is not just a payment company as much as Amazon is not only an online bookstore so let’s read more today in our latest bitcoin news.

On Block investor day, the outspoken CEO Jack Dorsey revealed ambitions to expand the payment company into a digital giant and bring its footprints across multiple dimensions, reiterating the faith in the future of blockchain technology and BTC. He argued that BTC is the only candidate for the money of the Internet. Since Block’s busienss grew to a point that it covers each part of the economic activities, the company’s head said it is not possible to be put into one category:

“We are no longer just a payments company. A lot has changed since our last investor day.”

It’s also worth noting that the words came during the company’s first investor day in the past five years. The Block CEO outlined the crypto and music streaming business that should be valued as an ecosystem and said the company’s endeavors in BTC will continue to be the company’s main strategy. According to the transcript, Dorsey commented on the slowness in the developments around BTC saying that its deliberateness is required to implement money storage and transmission. Block’s crypto endeavors include the BTC hardware wallet, the self-made BTC mining system, and the open-source businesses called TBD as well as Spiral, for advancing the use of the asset. The BTC bull confirmed the focus on the primary cryptocurrency and said Bitcoin is The Internet’s only money:

“Internet requires a currency native to itself, and in looking at the entire ecosystem of technologies to fill this role, it’s clear that bitcoin is currently the only candidate.”

Block CFO Amrita Ahuja noted that the profit margin is the key metric the company cares about more than indicates growth. The profit margin sat a 34% with the Cash app contributing 12%. Ahuja noted that Afterpay as the Australian tech company acquire by block earlier this year via a $29 billion deal and gained popularity among the younger generation that aims to be skeptical of traditional forms of credit and end up leaving people in debt spirals. Dorsey considered the acquisition of Jay-Z music streaming platform Tidal as a bet on the creator economy since he saw the field bring many opportunities that will make artists create revenues as smaller businesses do.