Jack Dorsey of Block confirms plans to integrate Bitcoin payments into Square terminals and Bitkey service - IcoHolder.

Jack Dorsey, CEO of Block, has confirmed that the platform is actively working on integrating Bitcoin payments into its Square terminals and Bitkey service. In a recent interview with Bitcoin News, Dorsey emphasized that for Bitcoin to maintain relevance, it must evolve beyond being a store of value and transition into a functional currency for everyday transactions.

“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 explained. His comments underline his belief that Bitcoin's future hinges on its ability to facilitate regular, everyday purchases, rather than merely serving as an investment asset.

Despite these ambitious plans, Bitcoin's current market position faces challenges. At the time of the interview, Bitcoin had seen a decline of 1.8%, with its value trading at $83,078. However, it remains the largest cryptocurrency by market capitalization, holding a dominant position of $1.6 trillion.

While Dorsey's vision for Bitcoin's future is clear, it has not gone without criticism. Adam Simecka, founder of Manna Bitcoin Wallet, pointed out that Block has yet to enable Bitcoin payments on its platforms, such as Bitkey and Square's terminals. Simecka suggested that implementing Bitcoin payments could be a straightforward task, yet it remains unaddressed. "This should have been the follow-up conversation," he remarked, calling attention to the gap between Dorsey's words and the platform's current capabilities.