Jack Dorsey, co-founder and executive chair of Block Inc. (NYSE:XYZ), reiterated the Bitcoin (CRYPTO: BTC)-only strategy of its “Cash App” digital wallet service on Tuesday.
What happened: Dorsey took to X, stating, “We are Bitcoin only. And improving rapidly,” in response to a post that praised Cash App’s Bitcoin features
The quoted post, by a Bitcoin maxi named HFSP.eth | ₿itcoin Only, said that Cash App allows users to convert their direct deposits (e.g., paychecks) into Bitcoin without any fees or spread, i.e., the difference between buy and sell prices that platforms often charge.
“It’s the absolute best way to accumulate Bitcoin,” the user said.
The post also mentioned that the withdrawal caps on Bitcoin increased to $10,000 per day and $25,000 per week, calling it a “huge improvement.” Previously, users were allowed to withdraw up to $2,000 worth of Bitcoin in a day and up to $5,000 in a week.
See Also: Forget Dollars: Willy Woo Says Bitcoin Will Be Priced Against Global GDP — ‘Gold Used To Be That Money, BTC Is The Challenger’
Why It Matters: Dorsey’s commitment aligned with the company’s push to expand its Bitcoin-related offerings.
The fintech firm launched a dashboard in April to help companies effectively manage their Bitcoin corporate holdings. It also announced major changes to its self-custody Bitcoin wallet, focusing on improved safety, privacy, and usability.
Block was also gearing up for the delivery of its first Bitcoin mining hardware in the second half of the year.
Price Action: At the time of writing, BTC was exchanging hands at $105,431.31, down 0.03% in the last 24 hours, according to data from Benzinga Pro.
Shares of Block rose 0.14% in after-hours trading after closing 2.83% higher at $63.51 during Tuesday’s regular session.
The stock exhibited a very high growth score—a measure of the stock’s combined historical expansion in earnings and revenue across multiple periods. How does it compare with Coinbase Global Inc. (NASDAQ:COIN) and other cryptocurrency-related stocks? Visit Benzinga Edge Stock Rankings and find out.
Photo Courtesy: Frederic Legrand – COMEO on Shutterstock.com
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