Block CEO Jack Dorsey has confirmed that Square terminals and Bitkey will soon support Bitcoin payments, marking a major step toward mainstream crypto adoption.
In an interview with Bitcoin News, Dorsey stated that Bitcoin must evolve beyond being just a store of value to remain relevant.
“I think if it doesn’t transition to payments and find that everyday use case, it just gets increasingly irrelevant. And that’s failure to me,” Dorsey said.
At the time of writing, Bitcoin is down 1.8%, trading at $83,078 with a $1.6 trillion market cap, still leading the crypto market.
However, some have criticized Dorsey for the delay in implementing Bitcoin payments. Manna Bitcoin Wallet founder Adam Simecka argued that enabling BTC payments on Square and Bitkey should have been as simple as “flipping a switch.”
Dorsey responded, clarifying that the process is not that simple, but confirmed that Block is actively working on it.
Dorsey has long been a Bitcoin advocate, launching Bitkey, a Bitcoin hardware wallet, in December 2023.
Block has also seen strong profits from Bitcoin, reporting $2.52 billion in Bitcoin sales revenue in Q4 2023, a 37% year-over-year increase. Its Cash App platform also generated $66 million in Bitcoin profits.
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