Jack Dorsey, CEO of Block Inc SQ, believes thatBTCUSD will be the driving force behind the company's business expansion across the globe, CNBC reported on Wednesday.
What Happened: Speaking at Block's first investor day since 2017, Dorsey expanded on howBitcoin plays an important role in the firm's shift in focus.
The leading asset will allow Block's entire business to move faster worldwide, according to Dorsey, the leading asset for global money transmission. Block is also building a Bitcoin hardware wallet and a Bitcoin mining business, in addition to offering Bitcoin trading on CashApp. The company built a Bitcoin mining facility in Texas earlier this year, powered by Tesla Inc's TSLA solar and storage technology.
The Block CEO's focus seems to be exclusive toBitcoin alone. In view of Dorsey's view,Bitcoin is the only candidate to be the native currency of the internet.
See also: Robinhood CEO Details How Dogecoin Can Be The Future Currency Of The Internet, Elon Musk Weighs In
According to Dorsey, the internet requires a currency native to itself, and in looking at the whole ecosystem of technologies to fill this role, it's clear thatBitcoin is currently the only candidate.
Its development may feel slow relative to other candidates, but that is a result of the deliberateness required to preserve the attributes necessary for money storage and transmission. Price Action: According to the data from Benzinga Pro, BTC was trading at $29,140, down 2.33% in the last 24 hours.
If It Wasn't For Bitcoin Holding It Back, Jack Dorsey'sDorsey's Block Would Shine, Says Analysts.