Block, Inc. co-founder and chair Jack Dorsey will use 10% of the firm’s Bitcoin product-derived profits to buy the cryptocurrency.
Block, Inc. co-founder Jack Dorsey told shareholders its Bitcoin-buying plan, saying its an “investment in a future where economic empowerment is the norm.”
“Going forward, each month we will be investing 10% of our gross profit from Bitcoin products into Bitcoin purchases,” Dorsey wrote in a May 2 shareholder letter inclusive of its “Our investment in Bitcoin transcends technology; it is an investment in a future where economic empowerment is the norm.”was up nearly 60% year-on-year to $80.1 million. If the plan could buy it around 1,350 BTC at its current price of $59,250.
Its Bitcoin revenue — the sale amount of Bitcoin sold to Block customers — was up 26% year-on-year to $2.73 billion in Q1 which the firm said benefitted from the rising average market price of Bitcoin over the quarter.In the shareholder letter Dorsey addressed that he’s “spending so much time on Bitcoin” as he believed “the world needs an open protocol for money.”
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