Jack Dorsey, CEO of Block Inc (NASDAQ: SQ), expects Bitcoin (CRYPTO: BTC) to be the driving force of the company’s business expansion across the globe, CNBC reported on Wednesday.
What Happened: Speaking at Block’s first investor day since 2017, Dorsey expanded on how Bitcoin plays an important role in the firm’s shift in focus.
“Bitcoin is the open standard for global money transmission,” stated Dorsey, adding that the leading asset will allow Block’s “entire business to move faster globally.”
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In addition to offering Bitcoin trading on CashApp, Block is also building a Bitcoin hardware wallet and a Bitcoin mining business. Earlier this year, the company began constructing a Bitcoin mining facility in Texas powered by Tesla Inc’s (NASDAQ: TSLA) solar and storage technology.
The Block CEO’s crypto-focus appears to be exclusive to Bitcoin alone. In Dorsey’s view, Bitcoin is the sole candidate to be the native currency of the internet.
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“The internet requires a currency native to itself, and in looking at the entire ecosystem of technologies to fill this role, it’s clear that bitcoin is currently the only candidate,” said Dorsey.
“Its development may feel slow relative to other candidates, but that’s a result of the deliberateness required to preserve the attributes necessary for money storage and transmission.”
Price Action: According to data from Benzinga Pro, BTC was trading at $29,140, down 2.33% in the last 24 hours.
Read Next: Jack Dorsey's Block Would Shine If It Wasn't For Bitcoin Holding It Back, Says Analyst
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