Jack Dorsey, CEO of Block Inc. and longtime Bitcoin advocate, has confirmed that his company is actively working to enable Bitcoin (BTC) payments on both Square terminals and the Bitkey hardware wallet, reinforcing his vision for Bitcoin as a usable, everyday currency — not just a store of value.
In a recent interview with Bitcoin News, Dorsey expressed concern over Bitcoin becoming stagnant as merely a speculative asset, warning that the cryptocurrency would have “failed” if it cannot be used for routine transactions.
“I think if it doesn’t transition to payments and find that everyday use case, it just gets increasingly irrelevant. And that’s failure to me,” Dorsey said.
At the time of his comments, Bitcoin was trading at $83,078, down 1.8% on the day, though it continues to dominate the crypto market with a capitalization of $1.6 trillion.
Responding to Criticism
The announcement comes amid scrutiny from Adam Simecka, founder of Manna Bitcoin Wallet, who criticized Dorsey for promoting Bitcoin as a currency while failing to implement payment support on Block’s platforms.
“It would be a simple flip of a switch and it hasn’t happened,” Simecka stated, responding to Dorsey’s recent interview.
Dorsey, however, quickly responded via his official X (formerly Twitter) account:
“Not a simple flip of a switch but we are doing it.”
This interaction confirmed that while enabling Bitcoin payments may take more effort than perceived, it remains a priority for Block. The initiative is aimed at integrating BTC payments natively into Square’s point-of-sale terminals and Bitkey, Block’s self-custody Bitcoin wallet launched in December 2023.
A Long-Term Vision for Bitcoin
Dorsey has consistently positioned himself as one of Bitcoin’s most high-profile proponents. Under his leadership, Block has poured substantial resources into Bitcoin-related initiatives. In Q4 2023 alone, the company reported $2.52 billion in Bitcoin sales, a 37% year-over-year increase. Additionally, Block’s Cash App generated $66 million in gross profit from BTC transactions during that period.
Launched as part of Dorsey’s broader vision for financial decentralization, Bitkey aims to give users greater control over their Bitcoin through self-custody, without compromising on user experience.
What’s Next?
While no specific timeline has been announced, the confirmation that BTC payment functionality is in development signals a new phase for Bitcoin usability — especially across mainstream payment platforms. If successful, this move could significantly boost real-world adoption and bring Dorsey’s goal of turning Bitcoin into a widely used currency closer to reality.
As Bitcoin continues to evolve from an investment vehicle into a practical medium of exchange, Block’s work on Square and Bitkey could be a major catalyst for change in both the crypto and payments industries.
