Financial technology conglomerate Block, owned by X co-founder Jack Dorsey, has decided to invest 10% of all profits made from bitcoin-related products in monthly BTC purchases., Dorsey outlined several reasons for the decision, addressing investors’ concerns about why Block is so focused on the largest cryptocurrency.Dorsey explained that bitcoin is the best and only candidate for a decentralized open protocol for money, which the world needs.
The problem Nakamoto mentioned in the white paper is the lack of an electronic payment system based on cryptographic proof instead of trust that would allow two willing parties to transact directly across the Internet without needing a third party. “Historically and moving forward, our investment in bitcoin transcends technology; it is an investment in a future where economic empowerment is the norm. This commitment drives our business into new territories, unlocking novel opportunities for our customers, and securing enduring value for you, our shareholders,” Dorsey said.In addition to conducting monthly BTC purchases, Block is building Bitcoin mining hardware, including a mining rig system and a three-nanometer ASIC mining chip.