Jack Dorsey’s Block invests in Bitcoin’s with 10% monthly profit allocation
Twitter founder Jack Dorsey’s payments firm Block has announced plans to plow 10% of profits from its products back into Bitcoin each month. The initiative, unveiled in Block’s latest quarterly report, is the latest move from the enigmatic billionaire to underline his faith in the cryptocurrency. The fintech firm first embraced Bitcoin in 2020 with a $220 million investment. Those holdings have since surged 160% to reach $573 million by the close of Q1 2024. CEO Jack Dorsey emphasized his belief in Bitcoin’s potential in the report and stated, “Going forward, each month we will be investing 10% of our gross profit from Bitcoin products into Bitcoin purchases.” He added, “Historically and moving forward, our investment in Bitcoin transcends technology; it is an investment in a future where economic empowerment is the norm.” Addressing the question of ‘why Bitcoin?’ in the report, Dorsey wrote: “But why spend time on Bitcoin at all? We believe the world needs an open protocol for money, one that’s not owned or controlled by any single entity. We believe Bitcoin …