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Bitcoin Updates: Jack Dorsey's Ambitious Bitcoin Plans Met with Doubt Amid Block's Declining Profits

Bitcoin Updates: Jack Dorsey's Ambitious Bitcoin Plans Met with Doubt Amid Block's Declining Profits

Bitget-RWA2025/11/13 22:22
By:Bitget-RWA

- Block's Square platform enables 4M+ merchants to accept Bitcoin via Lightning Network with zero fees until 2027, aiming to normalize crypto payments. - Dorsey's Bitcoin strategy includes BitKey wallets and Cash App integration, but Q3 earnings fell short, prompting a 11% stock drop and revised price targets. - Competitors like Exodus pivot to stablecoin payments (e.g., Grateful acquisition), while regulators debate $20K stablecoin transaction caps. - Despite Bitcoin's 1.7% 24-hour surge, 80% of users dou

Jack Dorsey's

Inc. has broadened acceptance by allowing 4 million merchants worldwide to process Bitcoin transactions through its Square Bitcoin platform, . Launched in October, this feature , aiming to weave Bitcoin into daily business operations. Merchants are now able to automatically convert a share of their daily card revenue into Bitcoin, as a move toward making Bitcoin “everyday money.”
Bitcoin Updates: Jack Dorsey's Ambitious Bitcoin Plans Met with Doubt Amid Block's Declining Profits image 0
This effort supports Block’s larger goal of enhancing financial options for small businesses, along with his push for a tax exemption on minor crypto transactions.

This rollout builds on Block’s established Bitcoin infrastructure,

and crypto trading via Cash App. At the same time, rivals such as Exodus Movement are shifting their focus to stablecoin payments. in Q3 2025, fueled by its acquisition of Grateful, a stablecoin checkout service preparing to launch in Argentina and Uruguay. CEO J.P. Richardson highlighted the transition from crypto wallets to a more comprehensive financial ecosystem, and consumer purchases.

Nevertheless, Block’s financial results have come under scrutiny.

, causing its stock to fall 11% after the announcement. Despite an 18% increase in gross profit to $2.66 billion, and higher administrative expenses. Piper Sandler lowered its price target for Block (NYSE: XYZ) to $55, and only slight gains in Cash App users. In spite of these headwinds, Block raised its full-year gross profit outlook to $10.24 billion, reflecting optimism in its Bitcoin and hardware initiatives.

The wider cryptocurrency market continues to experience volatility.

to $105,456 following Block’s news, boosting market sentiment. Meanwhile, Exodus’s move into stablecoins highlights the rising appetite for fiat-backed digital currencies, among payment providers. The Bank of England’s proposed $20,000 cap on stablecoin holdings for retail users signals increased regulatory attention, though firms like Rumble and Bybit are still expanding their stablecoin offerings.

Dorsey’s vision for Bitcoin faces obstacles,

. A recent survey found that 80% of participants do not consider Lightning to be “real BTC,” underscoring the hurdles to mainstream acceptance. Still, and plans to distribute Bitcoin dividends, Block remains steadfast in its crypto-centric approach. As the industry awaits clearer regulatory and technical guidance, the competition to shape the future of digital payments continues.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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