Block, the company of Twitter founder Jack Dorsey, announced that it will invest 10% of its earnings in Bitcoin.
Block shared its balance sheets for the first quarter of 2024. The company reported earnings of $0.85 per share and total revenue of $5.97 billion. However, another point that attracted attention was the company's announcement that it would buy Bitcoin.
According to the statement, the company will allocate 10% of its revenues from Bitcoin and other cryptocurrencies to regular Bitcoin purchases. This decision reflected the company's belief in Bitcoin, which it sees as "the currency of the future", and its desire to increase this asset on its balance sheet.
The company also noted that the value of its previous $220 million Bitcoin investment increased 160% to $573 million. Dorsey said they believe that Bitcoin is the single most viable candidate to become the internet's native currency and that the world needs an open protocol that is not owned or controlled by a single organization.
