Cash App has no plans to accept cryptocurrencies other than Bitcoin
On Cash App its Q3 earnings call Square CEO Jack Dorsey explained that Cash App does not see a reason to accept other cryptocurrencies than Bitcoin
Cash App will release a whitepaper for BTC related products
Jack Dorsey said that Cash App has no plans to accept other cryptocurrencies at the moment. "Our focus is on helping Bitcoin become the native currency of the internet... we have a number of initiatives working towards that goal." He also stated that the company plans to release the whitepaper for BTC-related products on November 19. These products will be part of a new company Dorsey calls "TBD."Currently, Dorsey has revealed that he is planning to create a Bitcoin mining device for consumers to mine Bitcoin at home or in a business, but that's not all. Back in June of this year, the Square CEO hinted at a Square hardware wallet for BTC. His original plan for the wallet is an inclusive design that would bring a "non-custodial solution to the global market." A short time later, he mentioned developing a Bitcoin DeFi platform.
Jack Dorsey his primarily focus seems to be Bitcoin
Although other cryptocurrencies such as Ethereum and Solana are getting much attention, both Cash App and Dorsey himself are primarily focused on Bitcoin. Another example of this is that Twitter has launched a Bitcoin tipping bot but has not integrated other crypto assets. He commented on the tipping bot during the earnings call of Twitter, stating, "It allows for much more speed. Both tipping subscriptions are new. These are products that we want to make sure that again, we started small, and we figure out the right product that people want to stick with, and they're evaluating every single day. And then we'll roll them out to more and more people and scale it and continue to iterate on the product."Jack Dorsey also commented on the escalating inflation in the U.S., tweeting Hyperinflation is going to change everything" and "It's happening." The tweet came when consumer price inflation in the U.S. has reached a 30-year high, and there is growing concern that the problem could be worse than policymakers think. It looks like this is one of the reasons Dorsey decided to purchase Bitcoin with Square.
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