Jack Dorsey called bitcoin the only candidate for Internet money

According to Block’s head, BTC is evolving deliberately, maintaining the attributes of a means of storing and transferring value

19.05.2022 - 15:10

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2 min

What’s new? Jack Dorsey, the CEO of the payment solutions developer, Block (formerly Square), called bitcoin the only candidate for the money on the internet. According to Dorsey, the development of BTC may seem slow compared to other cryptocurrencies, but this is due to the deliberate decisions made to maintain it as a means of storing and transferring money. He said this during a meeting with investors, CNBC reports.

Information on the CNBC website

What else does Dorsey say? He noted that the renaming of Square to Block was meant to reflect the company’s expanding scope and plans around cryptocurrencies and blockchain. Dorsey noted that Block is difficult to categorize as it is growing on many fronts.

Block (formerly Square) is a US-based technology company that develops solutions for accepting and processing electronic payments. It changed its name to Block in December 2021. It was founded by Jack Dorsey and Jim McKelvey in February 2009. In April, the company’s Cash App service introduced a bitcoin payment feature. Block is also developing a hardware BTC wallet and is involved in building a data center for mining.

What events happened before? In December 2021, Dorsey expressed his view that bitcoin could not just displace, but replace the dollar.

In January, Jack Dorsey announced that he would help launch a new fund that would protect bitcoin developers from lawsuits. The project was set up jointly with the Chaincode Labs co-founder Alex Morcos and Martin White, an academic at the University of Sussex.

In early April, Block and Blockstream started cooperating with Tesla to build a mining data center in Texas. A Tesla solar array and a Megapack system would be used to power the facility.

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