Jack Dorsey Block to use 10% Bitcoin profit to buy BTC every month
According to Twitter founder Jack Dorsey, the fintech company buys 10% of its total profits from Block Inc.'s Bitcoin products into Bitcoin (BTC) every month.
“Going forward, we will allocate 10% of our gross profit from Bitcoin products each month to Bitcoin purchases,” Dorsey wrote in a May 2 shareholder letter that best encapsulated his first quarter results.
“We were one of the first public companies to put Bitcoin on the balance sheet,” he added. Block bought $220 million worth of BTC in Q4 2020 and Q1 2021.
“Our investment in Bitcoin transcends technology; it is an investment in a future where economic empowerment is the norm.
The latest income list block As of March 31, it held 8,038 BTC – worth $573 million, compared to $233 million from paper.
In the first quarter of 2024, BlockBitcoin's gross profit with its cash-up business increased nearly 60% year-over-year to $80.1 million. If the scheme is able to buy about 1,350 BTC at the current price of $59,250.
Bitcoin revenue — the amount of Bitcoin sold to blockchain customers — rose 26 percent year-over-year to $2.73 billion in Q1, which the firm said benefited from the quarter's rising average market value of Bitcoin.
Related: US lawmakers urge SEC to approve Bitcoin options trading
Dorsey said in the shareholder letter that he “spends a lot of time on bitcoin” because he believes “the world needs an open protocol for money.”
He said such an open protocol could benefit the blockchain by helping it “quickly serve more people around the world.”
Dorsey added, however, that “less than 3% of the company's resources are dedicated to Bitcoin-related projects.”
The firm launched its Bitkey Bitcoin wallet in December and said last week on April 23 that it was building a “complete Bitcoin mining system” to ease the challenges faced by miners after Bitcoin halved – reducing rewards by 50%.
“The Internet will have its own currency; it's just a matter of time,” Dorsey wrote. “It won't happen overnight. Existing and emerging financial systems will operate in parallel for some time.”
Web3 Gamer: Bitcoin Halving Raises Games, Shrapnel's ‘Easy' Secret Revealed
