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Dorsey Sticking to Bitcoin, No New Cryptocurrencies Planned for Cash App

2 mins
5 November 2021, 09:25 GMT+0000
Updated by Kyle Baird
5 November 2021, 09:26 GMT+0000
In Brief
  • On its Q3 earnings call. Square CEO Jack Dorsey reiterated his bullish stance on bitcoin.
  • Dorsey mentions a new product for “at home” bitcoin mining, plans for more details “soon.”
  • These new developments come as bitcoin maintains bullish market trends.
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Square CEO and fintech investor maintains a firm and bullish position on Bitcoin, as revealed in a Q3 earnings call for Cash App. 

Moreover, the billionaire entrepreneur said that Cash App has no future plans to accept any other cryptocurrencies at this point. “Our focus is on helping Bitcoin become the native currency of the internet…we have a number of initiatives towards that goal,” Dorsey said. 

Bitcoin ‘resilience, fundamentals, and principles’

This comes in the midst of bullish market trends for BTC. After a new all-time high of over $67,000 in October, BTC closed the month over $60,000. In light of these trends, exchanges felt the impact. The BTC supply on various exchanges is at a three-year low. 

Additionally, Dorsey said the company plans for the release of the whitepaper for BTC-related products on Nov 19. These products will be a part of a new company Dorsey called, “TBD.” 

We’re going to be building a high roll wallet with a Bitcoin mining consumer device to mine Bitcoin at home or in a business.

Dorsey cited “resilience, fundamentals [and] the principles” of Bitcoin as the reasons he has so much faith in the cryptocurrency.  

Crypto forward developments

Back in June of this year, the Square CEO hinted at a Square hardware wallet for BTC. His initial plan for the wallet is an inclusive design that would bring a  “non-custodial solution to the global market.” Shortly after this, he mentioned the development of a Bitcoin-DeFi platform. 

The recent update on the soon-to-come whitepaper is the latest development. 

Following the recent BTC surge, Coinbase also announced some major news — a service in which eligible customers can now borrow up to $1 million with BTC as collateral. 

Despite additional market hype around various other cryptocurrencies, these recent developments out of Square and Coinbase have a primary focus on bitcoin. Support and interest for the top digital asset are peaking after both the price hike and the launch of the first U.S.-based Bitcoin ETFs.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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