Jack Dorsey, co-founder of Company X and head of fintech group Block, explained that Bitcoin is the best and only option in the Decentralization open protocol of internet trading. Block has decided to reinvest 10% of the company's profits from all Bitcoin-related products in Bitcoin, creating a mechanism to buy Bitcoin on a monthly basis.

At the Q1 2024 earnings conference, Dorsey explained to shareholders longing of the reasons for this decision, which also responded to investors' doubts about why Block is so focused on Bitcoin, the largest crypto asset by market capitalization.

Block's Bitcoin Monthly Investment Plan

Dorsey believes that Bitcoin is not only the best at the moment, but also the only Decentralization open protocol suitable as a coin, which is exactly what the world desperately needs right now. He foresees Bitcoin eventually becoming the universal coin of the Internet and helping users around the world transact at faster speeds without having to adapt to hundreds k different payment schemes and intermediary institutions.

Block also plans to increase the availability of Bitcoin in everyday transactions, using Crypto Assets as a medium for internet transactions, as a way to solve the original questions raised by Bitcoin anonymous creator Satoshi Nakamoto in his project's White Paper.

The problem raised by Satoshi Nakamoto in the white paper is the lack of an electronic payment system based on cryptography proofs rather than trust, which would allow two interested parties to transact directly over the Internet without the intervention of a third party.

Dorsey believes that it is only a matter of time before the internet, including AI systems and agents, has its own coin, and Bitcoin is the most effective protocol to achieve this.

He further said: "From a historical perspective and future developments, our investment in Bitcoin goes beyond the technical aspect; it is an investment in a future where economic empowerment becomes the norm." This commitment propels our business into new territories, unlocks new opportunities for our customers, and secures lasting value for our shareholders. ”

Block's Q1 Revenue Beats Expectations

In addition to monthly purchases Bitcoin, Block is developing Bitcoin Mining hardware, including a Mining system and a three-nanometer ASIC Mining chip.

So far, Block has invested $220 million in Bitcoin, which has risen by about 160% to $537 million by the end of the first quarter of 2024.

At the same time, Block's revenue in the first quarter of 2024 reached $5.96 billion, beating Wall Street analysts' estimate of $5.75 billion by 3.54%. The company's gross profit rises 22% year-over-year to $2.09 billion, while its mobile payment and encryption platform, Cash App, rises 25% year-over-year to $1.26 billion.