As a seasoned crypto investor with a keen interest in the latest developments within the industry, I find Jack Dorsey’s announcement that Block, Inc. will invest 10% of its gross profit from Bitcoin products into buying more Bitcoin an encouraging sign. Dorsey’s belief in the potential of Bitcoin as an open protocol for money aligns with my own perspective and adds credibility to this investment strategy.
Jack Dorsey, the co-founder of Twitter, announced that his fintech company, Block, Inc., will convert 10% of its monthly gross profits generated from Bitcoin products into actual Bitcoin purchases.
As a crypto investor, I’ll be allocating 10% of the monthly gross profits derived from our Bitcoin-related business ventures towards purchasing more Bitcoins going forward. (May 2023)
“He noted that we were among the pioneering publicly-traded companies to include Bitcoin in our financial records,” he continued. During the last quarter of 2020 and the first quarter of 2021, Block invested a total of $220 million in Bitcoin.
“Our investment in Bitcoin transcends technology; it is an investment in a future where economic empowerment is the norm.”
On March 31, Block reportedly owned approximately 8,038 Bitcoins, which had an estimated value of around $573 million and a reported paper profit of $233 million based on current market prices.
As an analyst, I would rephrase the given statement as follows:
As a crypto investor, I’d say: In Q1, my Bitcoin sales revenue hit a impressive mark of $2.73 billion, marking a robust 26% growth compared to the same period last year. This significant increase can be attributed largely to the escalating average market price of Bitcoin throughout the quarter.
Dorsey expressed in his shareholder letter that he has been devoting significant time to Bitcoin due to his conviction that “the world requires a decentralized monetary system.”
As a crypto investor, I believe that implementing an open protocol in our system could significantly expand our reach and enable us to serve a larger global community more efficiently.
Dorsey noted, nonetheless, that “only about 3% of our company’s resources are allocated to Bitcoin initiatives.”
In December, our company introduced its Bitkey Bitcoin wallet. Recently on April 23rd, we announced our plans to develop a “comprehensive Bitcoin mining system.” The objective is to provide assistance to miners following the Bitcoin halving event in May, which reduced rewards by half.
“According to Dorsey’s perspective, the Internet is bound to adopt its own currency eventually. This development may not occur immediately, though. For a while, the current and developing financial structures are expected to coexist.”
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2024-05-03 03:01